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Cryptocurrency News Articles
Japanese Company Remixpoint Acquires Millions of Dollars Worth of Crypto to Diversify Its Assets
Sep 29, 2024 at 11:00 pm
Tokyo-listed company Remixpoint has acquired assorted cryptos worth millions of dollars to diversify its assets amid inflation concerns in Japan.
Tokyo-listed company Remixpoint has acquired an assortment of cryptocurrencies, valued at millions of dollars, to diversify its assets amidst concerns over inflation in Japan.
This move comes as other companies in Japan are embracing digital assets due to fears of yen depreciation in the future. For instance, Metaplanet pivoted to a “Bitcoin First Bitcoin Only” treasury plan in March, directly responding 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 purchased 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), aiming to diversify its crypto portfolio.
This investment was made following a board of directors meeting that decided to diversify the company's assets into cryptocurrencies as part of a broader cash management plan, which also included establishing a dedicated investment management department for digital assets.
Remixpoint stated that it will allocate the 1.5 billion yen ($10.5 million) in its plan to purchase 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 decision to invest in crypto is noteworthy, highlighting crypto's presence in the corporate world, the company's involvement in the industry is not entirely new.
In 2016, Remixpoint launched BitPoint, a crypto exchange business that was hacked in 2019, resulting in a loss of $32 million. Of the stolen assets, which included Bitcoin and Ethereum, one-third belonged to Remixpoint.
Keep up with Metaplanet's latest Bitcoin acquisition:
Metaplanet Doubles Down on Bitcoin with Fresh $2M Acquisition
Learn about Bitcoin's potential rally to $70K:
Bitcoin Eyes $70K—How Stablecoins and China Are Boosting It
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