Nexon Japan Headquarters Reports 45.8 Billion KRW Loss in Bitcoin Investment After Two Months
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[Asia Economy Reporter Dongwoo Lee] Nexon's Japan headquarters reportedly lost about 40% of its principal within two months due to Bitcoin investments.
On the 1st, Nexon announced that it would record a cryptocurrency trading asset valuation loss of 4.499 billion yen (45.8 billion KRW) as a non-operating expense for the second quarter of this year.
At the end of April, Nexon purchased Bitcoin worth 100 million USD (113.3 billion KRW). The total number of Bitcoins bought was 1,717, with an average unit price of 58,226 USD (65.97 million KRW).
Previously, CEO Owen Mahoney stated that this was a "strategy to enhance shareholder value and maintain the value of cash-equivalent assets."
As of the end of last month, Bitcoin prices fell to around 36,000 USD on overseas exchanges and about 40 million KRW on domestic exchanges.
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Nexon's Bitcoin investment loss is expected to be reflected in the second quarter earnings. The investment amount accounts for less than 2% of Nexon's total cash and cash-equivalent assets.
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