A South Korean Japanese video game creator announced it has made a $100 million acquisition of Bitcoin, putting itself among the ranks of companies like Tesla and MicroStrategy who employed corporate savings to pile on the prominent cryptocurrency.
According to the announcement released this Wednesday, Nexon bought 1,717 Bitcoins at an average cost of approximately $58,218, containing fees and other expenses.
The corporation’s move comes after other publicly listed enterprises such as MicroStrategy and Tesla that are getting into Bitcoin as a way to hedge against the growing inflation.
The acquisition signifies less than 2% of Nexon’s overall cash and cash equivalents, the company revealed.
“Our acquisition of Bitcoin reflects a methodical strategy for protecting stockholder value and for retaining the procuring power of our cash assets,” stated Owen Mahoney, who is the President and CEO of Nexon, in the announcement.
The CEO added that considering the present economic situation his company believes Bitcoin presents “long-term stability and liquidity” whilst preserving the value of its cash for future ventures.
Popular game franchises from the developer include KartRider, MapleStory and Dungeon&Fighter.
