Crypto Bull Alert: Video Game Publisher NEXON Makes $100 Million Cryptocurrency Purchase

Urian B., Tech Times 27 April 2021, 10:04 pm

While more and more BTC whales emerge like Tesla making purchases that move the market, another company follows. The South Korean-Japanese video game publisher known as NEXON has reportedly stated that it has just made a whopping $100 million BTC purchase!

Bitcoin Whale Alert

According to the report of @sebsinclair1989, NEXON has just made a huge cryptocurrency purchase on Bitcoin. This now puts the company with the ranks of other large bitcoin whales like Tesla and MicroStrategy who have reportedly used corporate cash in order to load up on the popular cryptocurrency BTC.

A press release revealed that NEXON reportedly purchased a whopping 1,717 bitcoins at the average price of well around $58,226. This already included the fees and other expenses. This purchase now represents less than just 2% of the company's total cash as well as cash equivalents on hand, according to the firm.

NEXON Bitcoin Whale

An article by CoinBase revealed that President and CEO of NEXON, Owen Mahoney, noted in the press release that the company's purchase of bitcoin actually reflects a well disciplined strategy for them to protect their shareholder value as well as for maintaining the purchase power of their cash assets. The CEO even added that due to the whole economic environment as of the moment, his firm now believes that bitcoin actually offers some "long-term stability" and even "liquidity" while also still maintaining the value of its cash for other future investments.

For those that aren't too familiar with the South Korean-Japanese video game publisher's work, the company was actually behind some popular games like MapleStory, KartRider, and even Dungeon&Fighter. Nexon is currently a publicly listed company that had previously joined the Tokyo Stock Exchange back in 2011.

What does Whales Mean in Crypto?

The company had also listed in the JPX400 in 2015 and had even listed in the Nikkei Stock Index 300 back in 2017. The company was also reportedly added to Nikkei 225 back in 2020 making it involved in a number of markets.

For those that don't really know what a "whale" is when it comes to cryptocurrency or trading in general, whales are investors or traders that put in large amounts of cash to buy out a huge chunk of the cryptocurrency. Since these whales usually make massive moves, their purchases and sales oftentimes affect the market.

Bullish VS Bearish

One of the more recent whales to enter the crypto world was Tesla. Although Elon Musk has been talking about cryptocurrency for quite some time now, it was only recent when Tesla officially delved into cryptocurrency by buying a large amount of Bitcoin.

These whales in the market rarely make moves but when they do, their moves usually affect the market by making it either bullish or bearish. Bullish is a term used when the market goes up and bearish is a term used when the market goes down.

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Written by Urian B.