Asian companies accelerate shift to bitcoin as price surges

South Korean gaming giant Nexon buys $100m in the cryptocurrency, following Tesla

Bitcoin rocketed in value last year, with its price rising nearly 300% as investors and companies looked to diversify their cash holdings or place speculative bets. © AP

JADA NAGUMO, Nikkei staff writer

May 6, 2021 12:01 JST

TOKYO -- Companies in Asia are beginning to bet on cryptocurrencies, with South Korean gaming giant Nexon following the lead of companies such as Tesla and digital payments specialist Square, with a $100 million allocation into bitcoin.

On April 28, Nexon said that it has shifted part of its cash into the cryptocurrency, purchasing 1,717 bitcoins at an average price of about $58,226 per bitcoin, including fees and expenses, for around $100 million.