Japanese gaming giant Nexon invests $100M into Bitcoin
April 28, 2021. Summarized by summa-bot.
Compression ratio: 42.8%. 1 min read.
Major Japanese gaming firm Nexon has followed in the footsteps of MicroStrategy and Tesla, investing $100 million, or 2% of its cash and equivalents, into BTC.
Major Japanese game developer Nexon has become the latest publicly-listed firm to make a significant investment into Bitcoin.
The firm noted the investment represents less than 2% of its “total cash and cash equivalents on hand. ” Owen Mahoney, Nexon’s president and CEO, stated:
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’s investment follows a wave of large Bitcoin allocations from globally leading firms, with MicroStrategy kicking off the trend in August 2020 when it purchased 21,000 BTC for $250 million, followed by Square with a $50 million buy in October, and Tesla with a $1. 5 billion investment at the end of 2020.
Japan’s GMO Internet Group also announced a $3 million investment into Bitcoin mining in 2017.