Online game writer Nexon has bought 1,717 bitcoin for about $100 million to hedge in opposition to potential forex debasement.
Asian online game writer Nexon has introduced the acquisition of 1,717 bitcoin for roughly $100 million, in accordance with a press launch.
The typical value per BTC was $58,226 together with charges and different bills, and the acquisition represents lower than 2 p.c of the corporate’s complete money and equivalents available.
“Our buy of bitcoin displays a disciplined technique for safeguarding shareholder worth and for sustaining the buying energy of our money belongings,” Owen Mahoney, Nexon’s CEO, stated within the launch. “Within the present financial setting, we imagine bitcoin affords long-term stability and liquidity whereas sustaining the worth of our money for future investments.”
With headquarters in South Korea and Japan, Nexon has revealed dozens of PC and cell video games, together with “Remaining Fantasy 14” and “Counter-Strike On-line.”
A Medium submit penned by Mahoney supplied extra perception into how the corporate views BTC as a hedge in opposition to the inflation of money belongings.
“With authorities spending and debt ranges so excessive, even a small rise in rates of interest would make paying down the debt much more tough than it already is,” Mahoney wrote. “We don’t make a prediction on the way forward for rates of interest. We’re, nevertheless, fiduciaries of our shareholder’s capital, and as such we have to assume significantly concerning the future shopping for energy of our money in a world of potential forex debasement.”
Mahoney additionally drew parallels between the online game trade and the first-ever natively digital monetary asset.
“25 years in the past, the thought of an leisure world centered round on-line, linked, digital worlds appeared loopy,” he wrote. “At this time the thought of a non-physical retailer of worth (like gold, however digital) that can also be un-controlled by a government is taken into account fringe… We expect there’s a powerful probability this too will develop into a mainstream thought within the not-too-distant future.”
Nexon now joins the ranks of main corporations like Tesla and MicroStrategy that maintain bitcoin on their steadiness sheets.