Nexon has joined other publicly listed companies such as Microstrategy and Tesla in holding the cryptocurrency as a hedge against inflation.
The South Korean-Japanese video game publisher purchased some 1,707 bitcoin for about $100 million, equivalent to less than 2 percent of the company’s total cash and cash equivalents on hand, it said in an announcement this week.
Nexon owns major gaming franchises including Maple Story, Kart Rider and Dungeon & Fighter. It is listed in Tokyo and is part of the Nikkei 225.
Our purchase of bitcoin reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets, Owen Mahoney, president and CEO of Nexon, explained in the statement, saying the company needs to think seriously about the future purchasing power of our cash in a world of potential currency debasement.
In the current economic environment, we believe bitcoin offers long-term stability and liquidity while maintaining the value of our cash for future investments, he added.