In an exciting development for Bitcoin, as well as the entire crypto community, Japanese gaming giant Nexon has invested $100 million into Bitcoin. In terms of unit pricing, the online games and virtual world creator bought their Bitcoins for $58,226 each. In total, Nexon has purchased 1,717 Bitcoins.
Nexon – A Giant in the Online Gaming Space
A world leader in multiplayer online gaming, Nexon currently has more than 10 franchises, each operating for more than 10 years. The corporation was founded in 1994 and has been in operations over the past 21 years with more than 60 diverse live games. It operates in more than 190 countries. Nexon’s gaming portfolio includes some of the iconic online games including MapleStory and Dungeon&Fighter. As an innovative and evolving player in the market, Nexon is also coming up with new additions to its list, like MapleStoryM, that helps expand the horizon for the fully online multiplayer gaming industry.
Investment in Bitcoin
Nexon’s $100 million investment in Bitcoin constitutes less than 2% of its total cash and cash equivalents in hand. Yet, what is significant about the investment is that it reflects a growing trust in Bitcoin’s growth worldwide. According to Owen Mahoney, the current president and CEO of Nexon, the firm’s investment into Bitcoin stems from its belief that the digital asset offers “long-term stability and liquidity.”
Nexon’s high-profile investment in Bitcoin is in line with strategies adopted by many other globally leading firms, such as MicroStrategy and Square. While Microstrategy made an investment worth $250 million in Bitcoin buying 21,000 BTC, Square made an investment worth $50 million. However, the most investment that created waves in the crypto market and beyond was Tesla’s investment worth 1.5 billion, during the end-2020. Bitcoin Treasuries estimate that no less than 35 publicly traded companies hold Bitcoin on their balance sheet at present.