Nexon buys $100 million Bitcoin

Free-to-play game publisher Nexon, which is floated on the Toyko Stock Exchange, has spent around two per cent of its cash reserves buying $100 million-worth of Bitcoin. 

"Our purchase of bitcoin reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets,” said president and CEO Owen Mahoney.

“In the current economic environment, we believe bitcoin offers long-term stability and liquidity while maintaining the value of our cash for future investments.”

The purchase follows similar moves by US tech companies ranging from Telsa and Square to MicroStrategy, with the latter now holding around $5 billion-worth of Bitcoin. 

Nexon is the first game company to follow this approach, however.