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The Japan-based company Remixpoint, which is publicly traded, has revealed that it has utilized its balance sheet to acquire holdings in Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Avalanche (AVAX).
According to an official statement from Remixpoint and a report by the Japanese media outlet CoinPost, the firm has invested nearly $5.3 million in its recent cryptocurrency acquisitions.
Remixpoint Acquires BTC, ETH, and Altcoins
The company announced that it has purchased the following cryptocurrencies:
- BTC 64.4
- ETH 130.1
- SOL 2,260.5
- AVAX 12,269.9
Remixpoint allocated approximately $4.22 million for its Bitcoin acquisition, along with around $351,700 for each of its ETH, SOL, and AVAX investments.
Listed on the Tokyo Stock Exchange, the firm has recently disclosed broader intentions to acquire more than $10.5 million worth of Bitcoin, ETH, and other altcoins.
The board of directors of Remixpoint confirmed this decision during a meeting on September 26, stating that it is part of a revised “cash management strategy.”
The company has indicated a preference for prioritizing BTC purchases while also aiming to utilize ETH and altcoins to diversify its investment portfolio.
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This announcement seems to have positively influenced the company’s stock prices on the TYO, which climbed to its highest level (JPY 178) since early August (JPY 182 on August 9).
Remixpoint’s share prices on the Tokyo Stock Exchange over the past month. (Source: Google Finance)
The firm stated that its acquisitions will occur in phases and will be “based on market conditions.”
Nonetheless, its “goal” is to “complete the purchases” by year-end. It also mentioned that if its cryptocurrency acquisitions significantly affect its consolidated financial results in the future, Remixpoint will “promptly disclose the results.”
Fiat Depreciation Driving Japanese Firms to Crypt?
CoinPost further noted that Remixpoint has “considered the potential for further depreciation of the yen.” The media outlet elaborated:
“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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Founded in 2004, Remixpoint went public on the TYO two years later. Initially focused on the software sector, the company has recently expanded into electricity and automobile trading.
In March 2016, it launched the cryptocurrency exchange BITPoint. Last year, the firm reached an agreement to sell BITPoint to the securities firm and competing crypto exchange operator SBI.
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