Japan’s Nexon spends $100 million to buy bitcoin
TOKYO (Reuters) - Japanese games maker Nexon said on Wednesday it has spent around $100 million to buy bitcoin, joining companies like Tesla in lending support to the cryptocurrency.
Nexon said it has used less than 2% of its reserves on the purchases, which were made at an average cost of $58,000 per bitcoin.
“We believe bitcoin offers long-term stability and liquidity while maintaining the value of our cash for future investments,” Nexon CEO Owen Mahoney said in a statement.
Nexon has been investing in entertainment companies like Konami as it looks to put its cash reserves to work.
(Reporting by Sam Nussey; Editing by Himani Sarkar)