Japanese game developer Nexon bought $100 million worth of bitcoins

Japanese game developer, public company Nexon bought 1,717 bitcoins for about $100 million at an average exchange rate of about $58,200. President and CEO Owen Mahoney explained that the investment represented less than 2% of Nexon’s total funds.

“In the current economic climate, bitcoin offers long-term stability and liquidity while preserving the value of our funds for future investments,” Mahoney said. Bitcoin is likely to retain its value, he said, even if it is not yet widespread.

Nexon was founded in 1994. It develops online games. Nexon went public on the Tokyo Stock Exchange in December 2011. The company currently operates more than 50 online games in more than 190 countries.

Earlier, the Hong Kong technology company Meitu, which produces smartphones and develops software, brought its investments in cryptocurrency to $100 million.

At the same time, Elon Musk’s Tesla announced that it sold $272 million worth of bitcoins at the end of March, with a profit of $101 million. The automaker’s CFO, Zach Kirkhorn, stressed that the company believes in the long-term value of bitcoin and intends to maintain current assets in cryptocurrency and continue to accumulate coins received as payment for cars.

The largest bitcoin holder among public companies is MicroStrategy. According to Bitcoin Treasuries, it owns 91,500 BTC worth about $5 billion.