The South Korean gaming giant Nexon Group’s parent company, NXC, has recently made an interesting move: it has decided to completely exit the cryptocurrency business. Just looking at the financial report they disclosed, last year NXC’s revenue reached 5.1751 trillion South Korean won, up 3.8% year over year. It looks decent at first glance, but operating profit actually fell by 17.4%, dropping to 9609 billion South Korean won. Net profit also fell sharply to 859 billion South Korean won due to certain base effects.

What’s interesting is that this time, NXC isn’t just adjusting its business—it is making a thorough reorganization. The scale of the crypto assets they previously held was indeed substantial: as of the end of the year before last, they had 2356 Bitcoins and 2.242 hundred thousand Ethereum, with a total value of about 1476 billion South Korean won at the time. But compared with the prior year, the value of these assets shrank by 15.2%, which may also be one of the reasons behind their decision to change direction.

More importantly, NXC has shifted its strategy. They have already sold their equity in a certain overseas crypto exchange, and at the same time decided to completely clear out all of their holdings in the domestic exchange Korbit. These crypto-related subsidiaries are no longer included in the group’s consolidated financial statements, effectively cutting ties completely.

Instead, NXC has acquired CLI Group B.V., a European industrial solutions company, through its Belgium investment firm, NXMH—seemingly positioning itself for traditional industries. This move reflects NXC reevaluating its investment portfolio, shifting from the crypto space to more traditional industrial applications. There are actually quite a few similar adjustments in the market as well, because large companies’ attitudes toward crypto assets really are changing.