South Korean-Japanese game publisher Nexon has become the latest publicly traded company to add Bitcoin to its balance sheet.
As the firm announced on Wednesday, it has bought $100 million worth of bitcoin, which represents less than 2% of its total cash and cash equivalents. This makes Nexon the first Japan-listed company to hold bitcoin.
With its purchase, Nexon joins the ranks of a growing number of companies that have converted part of their holdings to Bitcoin. Jack Dorsey-led Square transferred 5% of its balance sheet to Bitcoin in February, Tesla currently holds $1.331 billion in bitcoin, and MicroStrategy regularly stacks sats big time, with present holdings of over 90,000 bitcoin.
Nexon President and CEO Owen Mahoney explained the firm's decision to buy bitcoin with its objective to protect "shareholder value and [maintain] the purchasing power of our cash assets."
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 maintains over 80 game titles, with some of its most successful games being MapleStory and Dungeon & Fighter.