Tokyo-based video game publishing company Nexon Co., Ltd. has announced that it has recently invested $100 million in Bitcoin ($BTC).

Nexon, which was founded in 1994, is a pioneer in massively multiplayer online role-playing games (MMORPG)., and it is listed on the Tokyo Stock Exchange.

According to Nexon’s press release, the company has bought “1,717 bitcoins for approximately $100 million (¥11.1 billion) at an average price of approximately $58,226 (¥6,446,183) per bitcoin, inclusive of fees and expenses.” This investment “represents less than 2% of Nexon’s total cash and cash equivalents on hand.”

Owen Mahoney, President and CEO of Nexon, had this to say:

Our purchase of bitcoin reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets. In the current economic environment, we believe bitcoin offers long-term stability and liquidity while maintaining the value of our cash for future investments.

This is how blockchain and cryptocurrency advocate Caitlin Long congratulated the Nexon CEO:

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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.