Remixpoint Invests $3.2 Million in Bitcoin Amid Market Surge

Remixpoint, a Japanese energy and automotive company, has announced a significant investment in Bitcoin, purchasing 500 million yen (approximately $3.2 million) worth of the cryptocurrency. This move comes as Bitcoin experiences a notable price surge, recently hitting an all-time high of $99,645 on November 22.

With this latest acquisition, Remixpoint now holds a total of 250.13 BTC, valued at around 3.67 billion yen ($24.16 million) at current market rates. The company cited the rising price of Bitcoin and the recent U.S. presidential election results as factors influencing their decision to increase their crypto holdings. The completion of this purchase is expected by the end of the year, depending on market conditions.

As of now, Bitcoin is trading at $93,092, with a market cap of $1.84 trillion. Over the past 24 hours, it peaked at $94,615.

Remixpoint began its cryptocurrency investments on September 26, 2023, aiming to diversify its assets in response to the weakening yen. The firm has invested in six different cryptocurrencies, with a total value exceeding 3.8 billion yen.

In a recent notice, Remixpoint stated that it would disclose any significant impacts on its financial records resulting from this latest Bitcoin purchase. According to reports, the firm’s crypto portfolio has unrealized gains of over 810 million yen ($5.3 million). Previously, on November 20, Remixpoint held 215.76 BTC, worth 3.17 billion yen ($20.8 million).

In addition to Bitcoin, Remixpoint’s largest crypto investment is in Solana, with 9,674.37 SOL valued at 360 million yen ($2.36 million). The company also holds around 227.87 ETH worth 110 million yen ($723,279), along with investments in Avalanche (AVAX), Dogecoin (DOGE), and Ripple (XRP).

The trend of Japanese investment firms entering the cryptocurrency market has grown as they seek to address economic challenges. One notable example is Metaplanet, which has accumulated 1,142 BTC worth $106.31 million.

Founded in 2004 and listed on the Tokyo Stock Exchange in 2006, Remixpoint originally focused on software but has shifted its operations to electricity and automobile trading.