Crypto News | Japanese gaming giant invests $100 million in Bitcoin

Nexon, a Japanese gaming giant, has purchased $100 million worth of Bitcoin at an average price of $58,226.

According to an announcement published on Wednesday, the firm bought a total of 1,717 Bitcoins. The $100 million investment in the leading cryptocurrency represents less than 2% of Nexon’s total cash and cash equivalents on hand.

Nexon endorsed the growing narrative that Bitcoin is a viable hedge against inflation. The company asserted that the move to buy Bitcoin was to safeguard shareholder value and ledge against inflation.