Japan's Nexon spends $100 mln to buy bitcoin
28/04/2021 02:23
TOKYO, April 28 (Reuters) - Japanese games maker Nexon
3659.T said on Wednesday it has spent around $100 million to
buy bitcoin, joining companies like Tesla TSLA.O in lending
support to the cryptocurrency.
Nexon said it has used less than 2% of its reserves on the
purchases, which were made at an average cost of $58,000 per
bitcoin.
"We believe bitcoin offers long-term stability and liquidity
while maintaining the value of our cash for future investments,"
Nexon CEO Owen Mahoney said in a statement.
Nexon has been investing in entertainment companies like
Konami 9766.T as it looks to put its cash reserves to work.
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(Reporting by Sam Nussey; Editing by Himani Sarkar)
((sam.nussey@tr.com; https://twitter.com/SamNusseyRTRS;
+81345632760;))