Japanese company Remixpoint Inc. has invested 750 million yen in purchasing various cryptocurrencies including BTC, ETH, SOL, and AVAX in a bid for diversified investment.
Remixpoint counters yen depreciation
On September 26, the company spent 600 million yen on purchasing 64.4 BTC, 50 million yen on 130.1 ETH, another 50 million yen on 260.5 SOL, and the last 50 million yen to buy 12,269.9 AVAX. This acquisition is part of Remixpoint’s broader plan to make a 1.5 billion yen cryptocurrency purchase. Notably, this is the first tranche of such acquisition and half of the goal has been achieved. Remixpoint is keen on optimizing cash management strategies to cushion against the depreciating yen, a recent challenge for Japan.
Institutional investors turn to crypto via ETFs
The availability of spot Bitcoin and Ethereum ETFs on stock exchanges in Hong Kong and Australia, following approval by the US SEC, has made it easier for institutional investors to access crypto assets. Before this, Remixpoint had already established policies and strategies on crypto purchases and risk management, including setting up an investment management department and an administration department, conducting quarterly mark-to-market valuations, and transacting through major exchanges.
Metaplanet continues to acquire Bitcoin
Similar to Remixpoint’s approach, Tokyo-based investment firm Metaplanet Inc began its Bitcoin accumulation strategy earlier this year. Over the past four months, the company has made several BTC acquisitions, including the purchase of 20.381 BTC in July, helping Metaplanet hit its target of accumulating 1 billion yen worth of Bitcoin. A few weeks ago, the company announced plans to significantly increase its Bitcoin holdings, intending to use stock acquisition rights to buy Bitcoin worth 299.7 million yen.
The actions of Japanese companies Remixpoint and Metaplanet highlight their efforts to protect their assets from yen depreciation and strengthen their cryptocurrency portfolios.
