Nexon Joins Tesla in Bitcoin Bet With $100 Million Purchase

Nexon Co. said it bought $100 million worth of Bitcoin, joining a list of tech companies embracing the digital currency.The online game provider acquired 1,717 Bitcoins at an average price of about $58,226 each, including fees and expenses. The purchase represents less than 2% of Nexon’s total cash and cash equivalents on hand, and is the largest-ever purchase of digital currency made by a company traded in Tokyo, Nexon said.“Our purchase of bitcoin reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets,” Owen Mahoney, Nexon’s chief executive officer, said in a statement. “In the current economic environment, we believe Bitcoin offers long-term stability and liquidity while maintaining the value of our cash for future investments.”A growing number of global firms including Tesla Inc. and Square Inc. have moved to purchase Bitcoin in recent months, with more starting to accept the cryptocurrency…

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