Tokyo stock exchange-listed energy management and diversified services company Remixpoint is set to invest 500 million Japanese yen (JPY), equivalent to around $3.3 million, to add more Bitcoin to its balance sheet.
According to a recent notice from the company, the 500 million yen investment is coming after the firm invested a total of 3 billion yen, equivalent to around $20 million, in the cryptocurrency to accumulate 215.76 BTC.
Remixpoint’s BTC holdings. Source: BitcoinTreasuries
Per the notice, the investment comes on the heels of the cryptocurrency’s upward price trend following its latest halving event in April, which cut the Coinbase reward miners receive per block found in half, effectively halving newly created supply.
The price of Bitcoin recently surged to a new all-time high near the $100,000 mark after Republican candidate Donald Trump won the US presidential elections after he revealed a strong pro-crypto stance during his campaign.
Bitcoin has since endured a slight correction, to now trade at $96,200 amid record spot exchange-traded fund (ETF) outflows since the election. These outflows came amid growing leveraged bets aiming to inverse the daily performance of BTC.
Remixpoint’s crypto portfolio
Remixpoint, a Tokyo-headquartered firm founded in 2004, noted that its BTC purchases will be “carried out while taking market conditions into consideration” and has a significant cryptocurrency portfolio.
According to local news outlet Coinpost, the firm has a number of altcoins on its balance sheet including 227.87 ETH worth around $103,000, and various altcoins including AVA, DOGE, and XRP worth around $11.2 million.
The firm’s largest altcoin investment is in the native token of the smart contract platform Solana, of which the firm owns 9,674.37 SOL worth $2.3 million. In its notice, the firm pointed to a “policy for cryptocurrency purchases and risk management” which it’s adhering to.
Its cryptocurrency holdings are reevaluated on a quarterly basis, but the firm noted its full-year consolidated performance reports do not include gains or losses from these cryptocurrency holdings.