$ 100 Million Bitcoin Purchase from the Gaming Giant!

South Korean video game giant Nexon announced that it has purchased $ 100 million worth of Bitcoin.

$ 100 million worth of Bitcoin purchase from the gaming giant. South Korean gaming company Nexon announced that it purchased $ 100 million worth of Bitcoin for $ 58,226 per unit. Making a statement on the subject, company CEO Owen Mahoney stated that they aimed to maintain the purchasing power of the company's cash assets with this move. Mahoney stated the following in his statement: “Our Bitcoin purchase reflects a disciplined strategy to protect shareholder value and maintain the purchasing power of our cash assets. In the current economic environment, we believe that Bitcoin provides long-term stability and liquidity while preserving the value of our cash for future investments." Nexon's market cap exceeded $ 30 billion, with the growing demand for gaming due to the coronavirus outbreak. The company is known as the second largest game developer from Nintendo, whose shares are traded in Japan. It is stated that an investment of 100 million dollars in cryptocurrency is very important for any company listed on the Tokyo Stock Exchange. The said investment accounts for 2 percent of the company's time assets.