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Nexon Joins Tesla in Bitcoin Bet With $100 Million Purchase

  • Largest-ever purchase of digital currency by Tokyo-listed firm
  • CEO Mahoney says Bitcoin offers ‘long-term stability’
Bloomberg business news
WATCH: Owen Mahoney, president and chief executive officer at Nexon Co. Ltd., discusses his bitcoin strategy. (Source: Bloomberg)

Nexon Co. said it bought $100 million worth of Bitcoin, joining a list of tech companies embracing the digital currency.

The online game provider acquired 1,717 Bitcoins at an average price of about $58,226 each, including fees and expenses. The purchase represents less than 2% of Nexon’s total cash and cash equivalents on hand, and is the largest-ever purchase of digital currency made by a company traded in Tokyo, Nexon said.