[딜사이트 김가영 기자] Nexon is attracting attention as Bitcoin exceeds 100 million won. Nexon’s Japanese subsidiary, which previously purchased Bitcoin in 2021, suffered a loss of more than 70% as it experienced a recession in virtual assets over the past three years. Then, after three years, the market began to recover and entered the realm of profit, and it was revealed that tens of billions of won were earned in the past month alone.
As of the 13th, the global average price of Bitcoin is $72,500 (about 95.41 million won), and it is traded at a higher price of 124 billion won on domestic virtual asset exchanges. Over the past month, the price has risen sharply, exceeding 100 million won for the first time on the 11th, and breaking new highs every day.
With the price of Bitcoin rising like this, Nexon, which was purchased in 2021, is also estimated to have made a profit of more than 30 billion won. Nexon’s Japanese subsidiary purchased approximately $100 million worth of Bitcoin (approximately KRW 113 billion based on the exchange rate at the time) in April 2021. At that time, Nexon’s Japanese subsidiary purchased 1,717 bitcoins at an average price of $58,226 (about 65.97 million won at the time).
Converting the current value of the Bitcoin held by Nexon, it amounts to approximately $124.5 million (approximately 163.842 billion won). The market price has risen 24.5% compared to the time of purchase in 2021, earning about $24.5 million (approximately 32.242 billion won) in three years. However, the virtual asset market suffered a recession from the time of purchase until last year, resulting in losses of up to 73%. In particular, the price of Bitcoin began to decline in earnest in May, immediately after Nexon purchased it, and plummeted to $15,700 (about 20.66 million won) in 2022. Accordingly, the industry evaluated that Nexon purchased Bitcoin at its highest point. Then, from the beginning of this year, it began to rise, and at the end of last month, the Bitcoin price surpassed Nexon’s average, providing a profit of more than 24% in just two weeks.
Nexon’s Japanese subsidiary currently holds 1,717 bitcoins without selling or purchasing additional bitcoins. A Nexon official said, “Because we did not purchase Bitcoin for market profit, we have no plans to sell it just because the price has recently risen. Since we did not purchase additional Bitcoin, there is currently no change in the amount of Bitcoin held.”
Meanwhile, Nexon’s purchase of Bitcoin was a decision that stemmed from the late Nexon founder Kim Jeong-ju’s high interest in blockchain and virtual assets. Previously, NXC, Nexon’s holding company, acquired a 62% stake in the domestic virtual asset exchange Korbit for 93 billion won in 2017, becoming the largest shareholder, and acquired European virtual asset exchange Bitstamp in 2018 for about 200 billion won in 2021.
At the time of purchasing Bitcoin, Owen Mahoney, former CEO of Nexon Japan, said, “Our company’s purchase of Bitcoin is a strategy to increase shareholder value and maintain the value of cash assets.” He added, “In the current global economic environment, Bitcoin will maintain stability and liquidity in the long term. “We expect to maintain our cash value for future investments,” he said.
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2024-03-13 22:00:33
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