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Started By
Message
Nexon adds $100 million of BTC to their balance sheet
Posted on 4/28/21 at 7:43 am
Posted on 4/28/21 at 7:43 am
Never heard of this company but this $100 Million represents 2% of cash/cash equivalents so it is a decent sized company.
Excellent Medium article from the CEO on why they did it. Very good short read.
LINK
quote:
Mr. Whale
@CryptoWhale
BREAKING: Nexon, an Asian Video Game publisher, announces purchase of 1,717 #Bitcoin for $100 million at average buy price of $58,226 per BTC.
Excellent Medium article from the CEO on why they did it. Very good short read.
LINK
4
Posted on 4/28/21 at 7:53 am to TigerTatorTots
People are crazy not to own bitcoin at this point. In the inflationary environment we are in, it can only go up.
Posted on 4/28/21 at 8:00 am to TigerTatorTots
I get BTC as an investment, but companies acting like it’s some cash alternative at this point is a little nuts. Imagine your cash equivalents moving 5% either way in a day.
In its current form, I don’t believe you can make a strong argument that it’s a cash equivalent for balance sheet purposes.
In fact, I’m not sure how it’s being handled on balance sheets.
In its current form, I don’t believe you can make a strong argument that it’s a cash equivalent for balance sheet purposes.
In fact, I’m not sure how it’s being handled on balance sheets.
Posted on 4/28/21 at 8:01 am to TigerTatorTots
Just waiting on Apple to bend the knee and then the avalanche
Posted on 4/28/21 at 8:03 am to slackster
quote:
don’t believe you can make a strong argument that it’s a cash equivalent for balance sheet purposes
it's a trillion dollar asset. my lord
This post was edited on 4/28/21 at 8:04 am
Posted on 4/28/21 at 8:05 am to rocket31
quote:
it's a trillion dollar asset.
You wouldn’t call AMZN or AAPL a cash equivalent either.
Hell, I don’t think you personally would consider BTC a cash equivalent at this stage, would you?
Posted on 4/28/21 at 8:05 am to Ross
facebook is the latest rumor but I don't believe it personally. guess we will see
Posted on 4/28/21 at 8:06 am to slackster
quote:
don’t think you personally would consider BTC a cash equivalent at this stage, would you?
think you're asking the wrong person that question because you already know how I feel
Posted on 4/28/21 at 8:06 am to I Love Bama
quote:
People are crazy not to own bitcoin at this point.
It took me a while to get on the train, but I agree. I don't have a whole lot compared to some, but I do have some as part of my diversification.
Posted on 4/28/21 at 8:10 am to BottomlandBrew
since jan 2020 we have printed 40% more dollars than ever existed previously. that's wild
Posted on 4/28/21 at 8:13 am to rocket31
quote:
facebook is the latest rumor but I don't believe it personally
Absolutely zero chance in the short term. They are literally the main backers of the Diem (Libra) Association.
Posted on 4/28/21 at 8:14 am to UltimaParadox
I mean. a random shitcoin they created out of thin air has nothing to do with putting bitcoin on your balance sheet
Posted on 4/28/21 at 8:18 am to rocket31
quote:
think you're asking the wrong person that question because you already know how I feel
Not at all. I’m simply saying nothing about BTC in its current form would suggest it’s akin to cash. 90-day Treasuries? Yeah, cash equivalent. BTC is an entirely different kind of asset.
I don’t have a problem with a company buying it as an investment, fwiw. I’m only talking about how you classify it on your balance sheet.
Posted on 4/28/21 at 8:21 am to rocket31
quote:
I mean. a random shitcoin they created out of thin air has nothing to do with putting bitcoin on your balance sheet
Until they give up on it, no chance they are holding a competitor's product. They are still pushing this and still have companies signed upPosted on 4/28/21 at 8:23 am to slackster
quote:
I’m only talking about how you classify it on your balance sheet.
I would assume it would not be under cash equivalents. Tesla holds it under intangible assets I believe. So any changes in price definitely could show up as an impairment charge.
Posted on 4/28/21 at 8:25 am to TigerTatorTots
For all you Bitcoin pumpers, are you simply holding BTC shares or are you actually getting on Coinbase and the likes and directly purchasing and/or mining for Bitcoin?
Maybe both?
Maybe both?
Posted on 4/28/21 at 8:29 am to Shameless
quote:I have GBTC in my Roth IRA. All other investing dollars go to buying actual BTC from an exchange, such as Coinbase.
For all you Bitcoin pumpers, are you simply holding BTC shares or are you actually getting on Coinbase and the likes and directly purchasing and/or mining for Bitcoin?
Posted on 4/28/21 at 8:32 am to Ross
quote:
ust waiting on Apple to bend the knee and then the avalanche
It's inevitable with their cash holdings. No other options.
Posted on 4/28/21 at 8:39 am to Shameless
quote:
For all you Bitcoin pumpers, are you simply holding BTC shares or are you actually getting on Coinbase and the likes and directly purchasing and/or mining for Bitcoin?
been in this since late 2010, i buy actual coins and only buy from exchanges that i own the keys. no robinhood bullsht.
Posted on 4/28/21 at 8:45 am to slackster
It's an intangible asset and can't be categorized as cash or cash equivalents in GAAP accounting. It's not legal tender nor backed by a sovereign government. I didn't realize how dumb these public companies are until you mentioned it. If BTC price gets crushed you take an impairment loss for the period and you can't write it back up on a price recovery.
Not sure why they can't treat them as inventory or maybe even held for sale/trading. FASB and all the other worthless accounting cartels have to be working on this. It's pretty dumb and not based in reality.
Not sure why they can't treat them as inventory or maybe even held for sale/trading. FASB and all the other worthless accounting cartels have to be working on this. It's pretty dumb and not based in reality.
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