The South Korean-Japanese video game publisher, Nexon, announced earlier today the purchase of 1,717 bitcoins. The company justified the $100 million buy by trying to protect its shareholders’ value.

Although it was founded in Seoul, South Korea, in 1994, Nexon moved its headquarters to Minato City, Toky, in 2005. It’s one of the largest Asian-based online games providers for PC and mobile as it maintains over 80 titles.

The firm announced earlier today the purchase of 1,717 bitcoins for approximately $100 million at an average price of $58,226, including fees and expenses.

The company said this amount represents less than 2% of its total cash and cash equivalents on hand.

Nexon’s President and CEO, Owen Mahoney, noted, “the purchase of bitcoin reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets.”

“In the current economic environment, we believe bitcoin offers long-term stability and liquidity while maintaining the value of our cash for future investments.” – he added.

As such, Nexon is the latest prominent corporation with a sizeable allocation in the primary cryptocurrency.

MicroStrategy led the charge with several multi-million and even billion-dollar purchases starting last year. As a result, Michael Saylor’s business intelligence company now owns almost 100,000 bitcoins.

Tesla also joined the trend this year by buying $1.5 billion worth of BTC. Elon Musk’s electric vehicle giant sold a small portion shortly after just to test the liquidity.