NEXON Co Ltd (TYO:3659), one of Asia’s largest gaming companies, announced the purchase of $100 million worth of Bitcoin using the companies cash reserves.
What Happened: According to a press release, Nexon bought a total of 1,717 bitcoins at an average purchase price of $58,226 per Bitcoin, including fees and expenses.
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The purchase is said to represent less than 2% of Nexon’s total cash and cash equivalents.
“Our purchase of bitcoin reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets,” said Owen Mahoney, President and CEO of Nexon.
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“In the current economic environment, we believe bitcoin offers long-term stability and liquidity while maintaining the value of our cash for future investments.”
Why It Matters: Nexon joins a list of 35 public companies, including Tesla Inc (NASDAQ:TSLA) and Coinbase Global Inc (NASDAQ:COIN), that have now allocated a portion of their cash reserved to Bitcoin.
See also: These Big Money Players Have Put Bitcoin On The Balance Sheet
“This is a big step forward for institutional $BTC adoption in Asia,” said cryptocurrency analyst Joseph Young on Twitter. Young also pointed out that Nexon acquired Bitstamp and Korbit, two major crypto exchanges in Europe and South Korea, over the past three years.
Price Action: Bitcoin regained momentum above $55,000 after reaching a high of $55,686 earlier today.
At press time, the market-leading cryptocurrency was trading at $53,056, while its market dominance dropped to 49.19%.