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

Remixpoint, a Japanese energy and automotive firm, jumps on the recent Bitcoin surge by adding $3.2 million worth of BTC to its crypto holdings.

In a recent company notice, Remixpoint declared that it has purchased 500 million yen (around $3.2 million) worth of Bitcoin(BTC). With Remixpoint’s latest purchase, 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 U.S presidential election as reasons behind their decision to buy more Bitcoin. The Bitcoin purchase is expected to be completed by the end of this year, depending on market conditions.

Most recently, Bitcoin reached an all-time-high of $99,645 on Nov. 22, nearing the $100,000 threshold. At the time of writing, Bitcoin is trading hands at $93,092 according to data from crypto.news. In the past 24 hours, Bitcoin has reached a peak of $94,615 and sustained a market cap of $1.84 trillion.

The Tokyo-based automobile company began investing in cryptocurrency since Sept. 26 of this year as a way to diversify its assets in the wake of the weakening value of yen. The company has invested its funds into six different cryptocurrencies, led by Bitcoin, amounting to more than 3.8 billion yen worth of cryptocurrency.

In the notice, Remixpoint added that if the latest Bitcoin purchase yields any significant impact on the company’s financial records, it will promptly disclose the information.

According to Japanese media outlet Coinpost, Remixpoint’s crypto portfolio have unrealized gains amounting to more than 810 million yen ($5.3 million). As of Nov. 20, Remixpoint held 215.76 BTC, valued at 3.17 billion yen ($20,8 million). The firm’s second biggest crypto investment lies in Solana(SOL), owning 9,674.37 SOL worth 360 million yen ($2,36 million).

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

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

Remixpoint was established in 2004 and was listed on the Tokyo Stock Exchange in 2006. The firm initially operated in the software sector, but has since turned towards electricity and automobile trading.