Company is former owner of the BITPoint crypto exchange
Remixpoint, a Japanese company listed on the stock market and focused on cryptocurrencies, has revealed that it has purchased holdings in Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Avalanche (AVAX) using its balance sheet.
Per an official Remixpoint announcement and a report from the Japanese-language media outlet CoinPost, Remixpoint has spent almost $5.3 million on its latest crypto purchases.
Remixpoint Buys BTC, ETH, Alts
The firm said it had bought the following coins:
- BTC 64.4
- ETH 130.1
- SOL 2,260.5
- AVAX 12,269.9
Remixpoint paid approximately $4.22 million for Bitcoin and approximately $351,700 for each of ETH, SOL, and AVAX.
The Tokyo Stock Exchange-listed business recently revealed larger plans to purchase Bitcoin, ETH, and other altcoins for more than $10.5 million.
The decision was approved by Remixpoint’s board of directors during a meeting on September 26. According to the company, this move is a component of its updated “cash management strategy.”
Although the company has stated that it wants to use ETH and alts to diversify its portfolio, it also wants to prioritize purchasing BTC.
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— Reuters (@Reuters) September 29, 2024
The company’s share prices on the TYO seem to have been supported by the news, as they reached their highest price (JPY 178) since early August (JPY 182 on August 9).
The company said its purchases will be made in installments and “based on market conditions.”
But by the end of the year, it wants to “complete the purchases.” Additionally, it stated that Remixpoint will “promptly disclose the results” in the event that its cryptocurrency purchases have a “significant impact” on its consolidated financial results in the future.
Fiat Depreciation Driving Japanese Firms to Crypt?
CoinPost further reported that Remixpoint has “taken into consideration the possibility of the yen’s further depreciation.” The media outlet explained:
“The company is aiming to [offset] the risk of fluctuations in the value of the currencies it holds by investing part of its surplus funds in – and holding – cryptoassets. This will help it build a position that limits its exposure to the Japanese yen.”
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Established in 2004, Remixpoint became a publicly traded company on the TYO after two years. It started out concentrating on the software industry but has expanded into the trading of cars and electricity in recent years.
In March 2016, it launched the crypto exchange BITPoint. Last year, the firm agreed a deal to sell BITPoint to the securities firm and rival crypto exchange operator SBI.