- Remixpoint announced a new cryptocurrency investment.
- The company said the investment was part of a new cash management strategy.
- The purchase was part of a plan to acquire more than $10 million worth of digital assets.
Tokyo-listed Remixpoint has acquired millions of dollars worth of various cryptocurrencies to diversify its assets amid inflation concerns in Japan.
The investment comes as other companies in Japan are embracing digital assets amid concerns about a future decline in the value of the yen. This includes Metaplanet, which switched to a “Bitcoin First Bitcoin Only” financial plan in March in direct response to the country’s ongoing economic pressures.
Remixpoint’s Cryptocurrency Investment
According to a recent notice, Remix Point acquired cryptocurrency worth $5.7 million (570 million yen) as part of the ‘1.5 billion yen virtual currency purchase program’ announced on September 26.
The company traded 64.4 BTC for $4.2 million (600 million yen), 130.1 ETH for $351,000 (50 million yen), 2,260.5 SOL for $351,000 (50 million yen), and 12,269.9 AVAX for $351,000 (50 million yen). We emphasized our value by purchasing. The goal is to diversify your cryptocurrency portfolio.
Remixpoint made the investment following a board meeting where it was decided to diversify the company’s assets into cryptocurrencies as part of a broader cash management plan. The plan also included establishing an investment management department dedicated to digital assets.
The company said it would spend 1.5 billion yen ($10.5 million) to purchase the digital assets in installments depending on market conditions, with the final purchase expected to be completed by the end of the year.
While Remixpoint’s move to invest in cryptocurrency is commendable and highlights cryptocurrency’s place in the corporate world, the company is not new to the industry.
In 2016, Remixpoint founded BitPoint, a cryptocurrency exchange it operated when it was hacked for $32 million in 2019. A third of the stolen assets, including Bitcoin and Ethereum, belonged to Remixpoint.
Stay updated on Metaplanet’s latest Bitcoin acquisition:
Metaplanet Strengthens Bitcoin Commitment with New $2M Acquisition
Read about Bitcoin’s potential $70,000 rise:
Bitcoin is eyeing $70,000. Stablecoins and how is China facilitating them?