Japanese gaming firm Enish makes first BTC purchase worth nearly $680k

Enish Co., the Japanese gaming firm behind blockchain-based game series ‘De:Lithe Last Memories,’ has announced its first BTC purchase worth 100 million yen.

According to a recently published document, Enish Co. stated that it would allocate 100 million yen or equal to $679,049 of company funds to buy Bitcoin (BTC). The Japanese firm stated that the purchase would be completed by April 4.

According to the notice, Enish’s recent BTC purchase is part of its latest financial strategy. The firm also aims to diversify its financial assets while also taking advantage of the liquidity and stability of Bitcoin, including the opportunity to generate profits from future price increases.

The Japanese gaming firm said it would start conducting quarterly reviews on its BTC investments and promised to include any unrealized gains or losses in its financial reports.

At press time, Bitcoin has gone down by 1.3% in the past 24 hours. BTC is currently trading hands at $83,242. The recent dip in BTC prices could be a reason why Enish decided to make the purchase while prices are lower than usual. In the past week, BTC has gone down by 4.66%.

It has yet to recover from its slump, with its highest price staying slightly below the $90k threshold at only $87,791, according to data from crypto.news.

Moreover, the company aims to “deepen our understanding of blockchain technology” through purchasing cryptocurrency as a way to strengthen the firm’s technical capabilities in creating more web3-based games.

Enish Co., is known for producing mobile games such as “De:Lithe – The King of Oblivion and Angel of the Covenant.” One of its latest releases in the De:Lithe series is a blockchain-based game called “De:Lithe Last Memories.”

Launched on July 25, 2024, “De:Lithe Last Memories” is described on its site as a Free to Play mobile game where players can earn tokens and purchase NFTs. Rewards are distributed through a reward pool as more tokens are consumed or as sales increase.

Most of the game’s revenue comes from ads and in-app purchases, which lessens the burden on tokens and NFTs themselves. The game’s token, xGEEK is designed to be a fixed price token, valued at $1.00 per 100 xGEEK tokens.

Japanese gaming companies have been branching into web3 through the creation of mobile blockchain games. Most recently, Japanese messaging app LINE teamed up with Sony’s Soneium blockchain to release four blockchain-based mini app games. Players can earn points in the games that they can carry over to the main app.