Video Game Company Nexon Has Invested in Bitcoin $100 Million
OREANDA-NEWS. On Wednesday, April 28, Nexon, a well-known Korean manufacturer of online and video games for PC and mobile devices, invested 2% of it's assets in the purchase of 172 BTC. The transaction took place in the middle of the first quarter, almost at the highs of the market, the company purchased the cryptocurrency at a price of $ 58,226, spending $100 million on the transaction.
Owen Mahoney, president and CEO of Nexon, said: «Our purchase of bitcoin reflects a disciplined strategy to protect shareholder value and maintain the purchasing power of our cash assets. We believe that in the current economic environment, bitcoin provides long-term stability and liquidity, while maintaining the value of our cash for future investments».
Nexon became the first company in Asia to purchase Bitcoin officially on balance, repeating the path of Tesla and Microstrategy. This step is important on the scale of South Korea, where trading volumes on cryptocurrency exchanges exceeded the same indicator of the local stock market. Other companies in the region may follow Nexon's lead in the second quarter.
Large corporations turned their attention to digital assets after the crisis of 2020, when the fall of BTC was comparable to or in some cases lower than the losses in the stock market.
At the same time, the growth potential of Bitcoin is still far ahead of all tradable traditional financial and commodity instruments. However, institutional investors prefer to engage in proxy investments, acquiring units of crypto funds.