Games

$40M of Nexon’s $100M bitcoin investment poofed in the last four months

this whale is all of us

So Nexon’s had an fascinating monetary quarter. Its revenues for Q2 have been down quarter over quarter, consistent with expectations. Why? Nicely, it seems to be a number of causes.

First, Nexon notes that its incomes underperformed due to that bizarre funding it made last spring into bitcoin – to the tune of $100M US. On the time, the corporate mentioned the cryptocurrency would provide it “long-term stability and liquidity,” however as a substitute, this quarter the corporate studies that it “acknowledged a revaluation lack of ¥4.5 billion as a result of actions out there worth of bitcoin.” That’s a lack of round $40M, or 40% of its funding in bitcoin simply within the final 4 months. Yikes.

Second, MapleStory – one of many firm’s long-time profit-drivers – has been underperforming in Korea; GIbiz chalks it as much as ongoing upset throughout the core MapleStory group over an absence of lockbox odds transparency. Critically.

The corporate doesn’t seem significantly anxious, nevertheless, due to the surge in FIFA On-line and The Kingdom of the Winds: Yeon, plus the massive roster of inbound new video games we beforehand reported on, together with Project Magnum, Project HP, and Mabinogi Mobile.

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https://massivelyop.com/2021/08/11/40m-of-nexons-100m-bitcoin-investment-poofed-in-the-last-four-months/ | $40M of Nexon’s $100M bitcoin funding poofed within the final 4 months

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