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

    
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this whale is all of us

So Nexon’s had an interesting financial quarter. Its revenues for Q2 were down quarter over quarter, in line with expectations. Why? Well, it turns out to be several reasons.

First, Nexon notes that its incomes underperformed thanks to that weird investment it made last spring into bitcoin – to the tune of $100M US. At the time, the company said the cryptocurrency would offer it “long-term stability and liquidity,” but instead, this quarter the company reports that it “recognized a revaluation loss of ¥4.5 billion due to movements in the market price of bitcoin.” That’s a loss of around $40M, or 40% of its investment in bitcoin just in the last four months. Yikes.

Second, MapleStory – one of the company’s long-time profit-drivers – has been underperforming in Korea; GIbiz chalks it up to ongoing upset within the core MapleStory community over a lack of lockbox odds transparency. Seriously.

The company doesn’t appear particularly worried, however, thanks to the surge in FIFA Online and The Kingdom of the Winds: Yeon, plus the large roster of inbound new games we previously reported on, including Project Magnum, Project HP, and Mabinogi Mobile.

Source: Nexon, press release, GIbiz
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