Reshab AgarwalBitcoin is a great asset and is getting chosen as an investment tool by many companies. And recently, an Asian Video Game Company Nexon, has bought $100 million of Bitcoin. This has put them in line with Tesla and Microstrategy and has made their investment one of the largest among the top crypto-invested companies. The recent purchase also shows that slowly but steadily, more companies are adding crypto to their balance sheet. And with rising inflation, even more will surely follow suit.
About Asian Video Game Company Nexon
Nexon is a video publisher company that specializes in games for PC and mobile. They have a lot of titles under their belt for PC and Mobile. The company has its headquarters in Tokyo, Japan but was founded in South Korea back in the year 1994. Nexon is one of the biggest gaming companies in and outside Japan in terms of market cap and revenue. The companies bigger than Nexon are Tencent and NetEase.
The $100 million Bitcoin purchase
Nexon’s recent purchase happened at a much higher price than what BTC is currently trading at. They purchased 1,717 coins for an average price of $58,226, with the cost of buying (fees and other expenses) included. Considering the price, it is clear that the company purchased the coins before the dip or maybe before it reached the new ATH before the same. This purchase used 2% of the entire cash reserves of the company.
On having reported the purchase, Nexon said that their aim here was to preserve the purchasing power of their cash. And this also lets them preserve the shareholder value. The CEO of Nexon also added that they believe in the long-term growth and liquidity of BTC, and it is very important to acknowledge the asset in the current financial world.
This also means that if someone purchases a share of Nexon listed on many exchanges, it will also be indirectly holding Bitcoin. In fact, the same will happen with anyone investing in companies like Tesla, Microstrategy, or others. I am pretty sure in a year or two, you wont be able to purchase the share of any major company without indirectly investing in BTC.
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Also Read: All South Korean crypto exchanges to shut down warns regulator.