The crypto-keen, stock market-listed Japanese firm Remixpoint has announced it has used its balance sheet to buy Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Avalanche (AVAX) holdings.
Per an official Remixpoint announcement and a report from the Japanese-language media outlet CoinPost, Remixpoint has spent almost $5.3 million on its latest crypto purchases.
Remixpoint Buys BTC, ETH, Alts
The firm said it had bought the following coins:
BTC 64.4
ETH 130.1
SOL 2,260.5
AVAX 12,269.9
Remixpoint spent around $4.22 million on its Bitcoin buy, as well as around $351,700 apiece on its ETH, SOL, and AVAX purchases.
The company, which is listed on the Tokyo Stock Exchange, has recently unveiled wider plans to buy over $10.5 million worth of Bitcoin, ETH, and altcoins.
Remixpoint’s board of directors confirmed the move at a meeting held on September 26. The company said its move was part of its revamped “cash management strategy.”
The company has expressed a desire to prioritize BTC purchases, but also wants to use ETH and alts to diversify its portfolio.
The news appears to have buoyed the company’s share prices on the TYO, which rose to its highest price (JPY 178) since early August (JPY 182 on August 9).
Remixpoint’s share prices on the Tokyo Stock Exchange over the past month. (Source: Google Finance)
The company said its purchases will be made in installments and “based on market conditions.”
However, its “goal” is to “complete the purchases” by the end of the year. And it said that if its crypto purchases have a “significant impact” on its consolidated financial results in the future, Remixpoint will “promptly disclose the results.”
Fiat Depreciation Driving Japanese Firms to Crypt?
CoinPost further reported that Remixpoint has “taken into consideration the possibility of the yen’s further depreciation.” The media outlet explained:
“The company is aiming to [offset] the risk of fluctuations in the value of the currencies it holds by investing part of its surplus funds in – and holding – cryptoassets. This will help it build a position that limits its exposure to the Japanese yen.”
Remixpoint was founded in 2004 and went public on the TYO two years later. It originally focused on the software industry, but in recent years has moved into the electricity and automobile trading sectors.
In March 2016, it launched the crypto exchange BITPoint. Last year, the firm agreed a deal to sell BITPoint to the securities firm and rival crypto exchange operator SBI.
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