Tokyo-based video game maker Nexon becomes the latest publicly listed technology firm that is allocating parts of its cash into bitcoin.
The firm said in an announcement on Wednesday that it has purchased 1,1717 bitcoin with a total cost of $100 million at an average price of $58,226 including fees and expenses.
At bitcoin’s current price, the investment right now is worth around $95 million.
Nexon said the allocation represents less than 2% of its total cash and cash equivalents as of December 2020.
“Our purchase of bitcoin reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets,” Nexon’s president and CEO Owen Mahoney said in the statement, adding:
“In the current economic environment, we believe bitcoin offers long-term stability and liquidity while maintaining the value of our cash for future investments.”
Founded in the 1990s in Seoul, Nexon specializes in producing PC and mobile games. The firm later moved its headquarter to Japan and went public on the Tokyo Stock Exchange in 2011.