- Remixpoint has announced a new crypto investment.
- The company said the investment was part of its new cash management strategy.
- The purchase was part of a plan to acquire over $10 million worth of digital assets.
Tokyo-listed company Remixpoint has acquired assorted cryptos worth millions of dollars to diversify its assets amid inflation concerns in Japan.
The investment comes as other companies in Japan are embracing digital assets amid fears of yen depreciation in the future. This includes Metaplanet, which pivoted to a “Bitcoin First Bitcoin Only” treasury plan in March as a direct response to sustained economic pressures in the country.
Remixpoint’s Crypto Investment
According to a recent notice, Remixpoint has acquired cryptocurrencies worth $5.7 million (570 million yen) as part of the “1.5-billion-yen virtual currency purchase program” it announced on September 26.
The company bought 64.4 BTC for $4.2 million (600 million yen), 130.1 ETH for $351K (50 million yen), 2,260.5 SOL for $351k (50 million yen), and 12,269.9 AVAX for $351K (50 million yen), underscoring its goal to diversify its crypto portfolio.
Remixpoint made the investment following a board of directors meeting that resolved to diversify the company’s assets into cryptocurrencies as part of a broader cash management plan. This plan also included setting up a dedicated investment management department for digital assets.
The company said it would spend 1.5 billion yen ($10.5 million) to buy digital assets in installments based on market conditions, with the final purchase expected to be completed by the end of the year.
While Remixpoint’s move to invest in crypto is commendable and underlines crypto’s position in the corporate world, the company isn’t new to the industry.
In 2016, Remixpoint established BitPoint, a crypto exchange business it ran when it was hacked for $32 million in 2019. 1/3 of the stolen assets, including Bitcoin and Ethereum, belonged to Remixpoint.
Stay updated on Metaplanet’s latest Bitcoin acquisition:
Metaplanet Reinforces Bitcoin Commitment with Fresh $2M Acquisition
Read about Bitcoin’s potential rally to $70K:
Bitcoin Eyes $70K—How Stablecoins and China Are Boosting It
