By Investing US$100 Mil.
Nexon announced on April 28 that Nexon Japan bought 1,717 Bitcoins by investing US$100 million. “The average purchase price is US$58,226 and the total purchase is less than 2 percent of Nexon’s cash and cash equivalents,” it explained.
At present, Nexon is in control of Nexon Japan via NXC, an unlisted holding company. In this regard, it is said that Nexon founder and NXC CEO Kim Jung-ju led the Bitcoin purchase.
He has continued to invest in cryptocurrencies in fact. For example, NXC took over cryptocurrency exchange Korbit in 2017 and Bitstamp in Europe in 2018. It made an investment in Tagomi in 2018 as well.
“The Bitcoin purchase is to enhance the shareholder value and maintain the value of cashable assets,” said Nexon Japan CEO Owen Mahoney, adding, “The currency is expected to contribute to our cash value to facilitate our future investments.”