According to an announcement published on Wednesday, the firm bought a total of 1,717 Bitcoins. The $100 million investment in the leading cryptocurrency represents less than 2% of Nexon’s total cash and cash equivalents on hand.
Nexon endorsed the growing narrative that Bitcoin is a viable hedge against inflation. The company asserted that the move to buy Bitcoin was to safeguard shareholder value and ledge against inflation. President and CEO of the company, Owen Mahoney, said:
The mass exodus of institutional investors into crypto offerings has effectively endorsed Bitcoin and altcoins. Despite the regulatory uncertainties ahead, market sentiments are generally bullish.
In the last few months, Bitcoin has welcomed investments from traditional firms like MicroStrategy, Tesla (NASDAQ:TSLA), Square, and several others.
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Source: Cryptocurrency - investing.com
