One of the pioneering companies investing in Bitcoin - Nexon Japan currently records a 50% profit from its investment in Bitcoin since 2021.
Nexon Japan invested $100 million in Bitcoin in 2021, buying 1,717 Bitcoins at an average price of $58,226 per Bitcoin. With the sudden surge in Bitcoin price after the election results, on November 12th, Bitcoin surpassed the $89,000 mark and continued to set new highs.
Nexon's decision to invest in Bitcoin was a rare move among South Korean companies and stemmed from the vision of the late Chairman Kim Jung-ju, who had a keen interest in digital assets and blockchain technology. In 2017, Nexon's parent company NXC acquired 62% of the shares of the South Korean cryptocurrency exchange Korbit for around 930 billion won and continued to acquire the European exchange Bitstamp in 2021 for around 2,000 billion won.
Owen Mahoney, a representative of Nexon Japan at the time, had stated that the purchase of Bitcoin was aimed at increasing shareholder value and maintaining the value of cash assets in the context of a volatile global economy. He believes that Bitcoin will continue to maintain its stability and liquidity in the long run, helping to protect the company's asset value.
While Bitcoin is surging, the coins issued by South Korean game companies are not very promising. For example, Wemade's WEMIX token, which once reached nearly 5,000 won in March, is now below 1,200 won. Similarly, Netmarble's MARBLEX token, which once touched 2,700 won, is now trading around 500 won.
