Japan’s Remixpoint adds $3.2m in BTC to its crypto holdings

Japanese energy and automotive firm Remixpoint has jumped on the recent Bitcoin rally by adding $3.2 million worth of BTC to its crypto holdings.

In a recent company announcement, Remixpoint announced that it purchased 500 million yen (about $3.2 million) worth of Bitcoin (BTC). With Remixpoint’s latest acquisition, the company now holds 250.13 BTC, worth approximately 3.67 billion yen ($24.16 million) at current prices.

The firm cited Bitcoin’s upward price trend and Trump’s win in the US presidential election as reasons behind their decision to purchase more Bitcoin. The Bitcoin purchase is expected to be completed by the end of this year, depending on market conditions.

Bitcoin last reached its all-time high of $99,645 on November 22, approaching the $100,000 threshold. At the time of writing, Bitcoin is trading at $93,092, according to crypto.news data. Over the past 24 hours, Bitcoin reached a peak of $94,615 and maintained a market cap of $1.84 trillion.

The Tokyo-based auto company began investing in cryptocurrency since September 26 of this year as a way to diversify its assets following the depreciation of the yen. The company invested its funds in six different cryptocurrencies, led by Bitcoin, worth more than 3.8 billion yen.

In the notice, Remixpoint added that if the latest Bitcoin purchase had a material impact on the company’s financial records, it would disclose the information immediately.

Remixpoint has more than 810 million yen ($5.3 million) in unrealized gains in its crypto portfolio, according to Japanese media outlet Coinpost. As of November 20, Remixpoint held 215.76 BTC worth 3.17 billion yen ($20.8 million). The firm’s second-largest crypto investment is in Solana (SOL), which has 9,674.37 SOL worth 360 million yen ($2.36 million).

Remixpoint also invested in Ethereum (ETH) and held around 227.87 ETH worth 110 million yen ($723,279). The rest of crypto investments are spread across a combination of Avalanche (AVAX), Dogecoin (DOGE), and Ripple (XRP).

Over the past year, a number of Japanese investment firms have ventured into crypto investments as a way to combat the country’s economic challenges. The most notable of these is Metaplanet, which has amassed a Bitcoin trove of 1,142 BTC worth $106.31 million at current prices.

Remixpoint was founded in 2004 and was listed on the Tokyo Stock Exchange in 2006. The company initially operated in the software sector but later turned to electricity and automobile trading.