Nexon Invests $100 Million In Bitcoin, Joins Other Companies In The Bitcoin Race


Japanese gaming giant, Nexon has announced the purchase of 1,717 BTC worth an estimated $100 million at an average price of $58,226. Purchase Is To Protect Shareholder Value According to an announcement published on the 28th of April, Nexon bought a total of 1,717 Bitcoins. Each coin was gotten at an average price of $58,226, fees and expenses inclusive. The company stated that the Bitcoin investment represents less than 2% of its total cash and cash equivalents on hand. The company has said that the move to purchase the king cryptocurrency is in a bid to protect shareholder value while also hedging against inflation. Nexon president and CEO Owen Mahoney said: “Our purchase of bitcoin reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets. In the current economic environment, we believe bitcoin offers long-term stability and liquidity while maintaining the value…

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