TL;DR Breakdown
• Nexon buys over 1,717 BTC to boost the online gaming industry.
• Square and MicroStrategy have increased their value by 50% through their BTC purchases.
Due to the exponential growth of Bitcoin and the entire cryptocurrency market, Japanese gaming organization Gaming Giant Nexon invested in the asset. The investment was $100 million in BTC, which translates to 1,717 tokens as part of its shares. In no uncertain terms, the virtual reality game developer bought each BTC for $58,226.
Gaming giant Nexon: A titan for online games
The Nexon organization is a leader in online game production and has 10 franchises operating with a longevity of 10 years. Nexon was founded in 1994, and since then, it has been featuring around 60 multiplayer online games. In its collection are exclusive games such as Dungeon & Fighter and MapleStory.
Like a gaming titan, Nexon has introduced portfolio firsts like MapleStory M. This new addition increases the popularity of the game and the industry in general. As the market is very demanding, Nexon is faced with increasing its collection of games.
Nexon and Bitcoin purchase
The investment that Nexon just made, buying 1,717 BTC, is only 2% of its total asset pool. It, howwever, shows that the the organization expresses confidence in the global asset’s growth. Owen Mahoney, president of Nexon, says that:
“The investment we just made in BTC is because we believe in the asset; it offers us liquidity and stability for the future.”
This high investment of Nexon in Bitcoin is found online as one of the most profitable alternatives for companies. Big companies like Square and MicroStrategy have previously invested in the asset with thoughts of the future.
Square made an investment valued at $50 million that represents 858 Bitcoins at the time of capitalization. Microstrategy has invested $250 million in the asset, obtaining over 21,000 BTC. The company that owns the OLAP analytical processing, Microstrategy, increased their holdings of Bitcoin by 52% when they made the purchase.
Although these purchases are essential in the capitalization of Bitcoin, they do not come close to Tesla’s investment. America’s leading automobile company invested $1.5 billion when 2020 was drawing to a close. This purchase generated an uptrend in Bitcoin and granted the cryptocurrency more popularity, stability, and new investors. Bitcoins have turned out to be the “digital gold” of today, with many companies trusting the asset.
Many video game companies may invest in digital assets after Nexon goes public. With this investment from Nexon, Bitcoin would adopt an upward trend and may remain so with the involvement of other companies.