CEO

Asian video game publisher Nexon has announced the purchase of 1,717 bitcoin for approximately $100 million, according to a press release.

The average price per BTC was $58,226 including fees and other expenses, and the purchase represents less than 2 percent of the company’s total cash and equivalents on hand.

“Our purchase of bitcoin reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets,” Owen Mahoney, Nexon’s CEO, said in the release. “In the current economic environment, we believe bitcoin offers long-term stability and liquidity while maintaining the value of our cash for future investments.”

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