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Japan’s Nexon bits the Bitcoin bullet to purchase $100 million worth of BTC

As mentioned in our top public companies holding Bitcoin, it’s only a matter of time before more companies join the club. And this sentiment isn’t just applicable to the US, but the world over. That’s why it’s not a surprise to see a company from Japan, listed on the Tokyo Stock exchange (TSE) jumping into the fray. Nexon, a games maker, has purchased $100 million worth of Bitcoin.

The company mentioned that it has used less than 2% of its reserves to make the purchase. It has got BTC at an average price of $58,000, which helped it secure 1,717 Bitcoins. This is the largest ever purchase of the world’s dominant cryptocurrency by a public company in Japan.

In a statement, Nexon CEO Owen Mahoney shared the same sentiment as the other companies who have done something similar:

“We believe bitcoin offers long-term stability and liquidity while maintaining the value of our cash for future investments. In the current economic environment, we believe bitcoin offers long-term stability and liquidity while maintaining the value of our cash for future investments.”

Nexon is a section-1-listed company on TSE. It produces, develops, and distributes online games as well as VR titles. Its most popular games include MapleStory, Kartrider, and Dungeon&Fighter.

In separate news, cryptocurrencies in Japan seem to be scaling new heights. According to the Japan Virtual and Crypto assets Exchange Association (JVCEA), which is an industry group of 29 domestic crypto exchanges, mentioned that the country has over 1.41 trillion Yen ($13 billion) deposited in digital currencies. Worth noting that this amount is 7 times more than the last year’s deposits. The list of 10 most popular coins in Japan includes BTC ETH, XRP, XEM, QTUM, BAT, XLM, BCH, MONA, and LTC.

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