Japanese company Remixpoint to buy $3.2 million worth of bitcoin from its own funds
Date: 2024-11-27 Author: Oliver Abernathy Categories: BUSINESS
Japanese company Remixpoint, which is listed on the stock exchange, has announced its intention to buy 500 million yen (about $3.2 million) worth of bitcoin (BTC) using its own funds. According to the company’s official statement and a publication on the CoinPost website, the deal should be completed by the end of this year.
In September of this year, Remixpoint already invested $5.3 million in the purchase of bitcoin, Ethereum (ETH), Solana (SOL), and Avalanche (AVAX). In addition, the company owns small amounts of Dogecoin (DOGE) and XRP, which highlights its desire to diversify its crypto portfolio.
Remixpoint used to own the cryptocurrency exchange BITpoint, but sold it to a major financial corporation SBI in 2023.
The company explained that the current decision to buy BTC is due to the observed upward trend in cryptocurrency prices caused by the recent Bitcoin halving event. Remixpoint also expects increased interest from institutional investors due to the approval of spot ETFs for cryptocurrencies.
The company's documents indicate that its shareholders have previously approved a strategy for investing in cryptocurrencies. This decision is due to the need to minimize the risks associated with the depreciation of the Japanese yen and diversify assets, reducing dependence on currency risks.
According to the data provided, Remixpoint's unrealized profit from the current crypto portfolio has already reached $5.3 million. The company previously stated that the strategy of buying cryptocurrencies will compensate for possible fluctuations in the value of its foreign exchange reserves.
Remixpoint, founded in 2004, began its activity as a software developer. It listed on the Tokyo Stock Exchange in 2006 and has since expanded its operations to include electricity and automobile trading.
The company also stressed that it would provide additional information if the new Bitcoin purchase materially impacts its financial results.
