Today, 28 April 2021, Japanese video game company Nexon announced in a press release that they have decided to invest $100 million in bitcoin, buying each of the BTC at an average price of $58,226, including fees.
In total, Nexon bought 1,717 BTC, which represents 2% of the company’s total portfolio.
The influencer Crypto Whale also reported the news on Twitter:
BREAKING: Nexon, an Asian Video Game publisher, announces purchase of 1,717 #Bitcoin for $100 million at average buy price of $58,226 per BTC. pic.twitter.com/v4y6Ch0joQ
— Mr. Whale (@CryptoWhale) April 28, 2021
Nexon’s strategy is said to be to protect its investors and secure their purchasing power.
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.”
It is clear from the press release that Nexon sees this as a long-term investment, and indeed Mahoney explains:
“In the current economic environment, we believe bitcoin offers long term stability and liquidity while maintaining the value of our cash for future investments”.
Nexon and other big companies investing in bitcoin
The Japanese gaming company is just the latest in the list of billion-dollar companies that have decided to buy BTC in recent times.
Tesla, for example, had bought bitcoin for $1.5 billion last February, although it sold 10% of it yesterday.
Even the investment fund Blackrock has decided to buy Bitcoin futures and while we are waiting for Netflix to do the same – as Tim Draper predicted – a few hours ago there were rumours that Facebook was also interested in investing in BTC.
In fact, the CIO of Altana Digital Currency Fund, Alistair Milne, stated on Twitter that Facebook may soon announce that it has purchased bitcoin.
Amazon, which is apparently investing in its own digital currency, and Apple are still missing. According to Reuters, the Cupertino company is also ready to buy bitcoin or invest in the cryptocurrency sector.