Remixpoint to Double Bitcoin Holdings with Additional $7M Purchase
Japanese energy and consulting firm Remixpoint disclosed plans to purchase an additional ¥1 billion ($7 million) worth of Bitcoin, doubling its overall holdings in cryptocurrency to ¥12 billion, or roughly $84 million.
Strategic Diversification of Digital Assets
The purchase, in a Monday regulatory filing, follows the near-funding last year of a previous ¥11 billion acquisition, ¥10.5 billion of which has already been incurred. Remixpoint said the timing of the new acquisition will be determined by market conditions, though no price or date has been provided.
The market value of crypto assets held will be marked to market quarterly and the resultant gains/losses will be realized in the income statement,” the company added.
Market Favours Positively
Remixpoint shares rose 5.26%, closing at 580 yen on the Tokyo Stock Exchange, following the announcement. The positive market response reflects investors’ confidence in the company’s ongoing transition towards digital assets.
A Segment of New Trend in Japan
Remixpoint, listed in 2006 after its incorporation in 2004, started out in software before expanding to the energy and auto sectors. Recently, it expanded its foray into cryptocurrencies as part of a small but growing group of Japanese firms adding Bitcoin to their capital strategy.
In 2023, another move by Metaplanet, holding in excess of 1,100 BTC valued at over $125 million today, served to reinforce the trend among Japanese firms towards utilizing crypto as a defense mechanism against financial instability.
With Remixpoint contributing to its Bitcoin holdings, it solidifies the broader trend among Japanese firms to include digital assets in long-term planning strategies.
