Remixpoint Inc., a corporation listed in Tokyo that deals in energy and cryptocurrency services, has announced that it has garnered an estimated 31.5 billion yen ($215 million) through a financing agreement. The entirety of this sum will be invested in expanding its Bitcoin holdings for the company’s treasury.
The company made this announcement on Wednesday, stating that their immediate aim is to acquire 3,000 BTC, although this figure could be influenced by fluctuations in both Bitcoin’s value and Remixpoint’s stock price. Since September of the previous year, it’s estimated that the firm has amassed 1,051 BTC, currently valued at around $114 million, as well as various altcoins like Ether, SOL, XRP, and DOGE, as a safeguard against a potential depreciation of the Japanese yen.
Post the initial acquisition, the management will evaluate the position against the stock’s three-day average to determine whether the target needs adjustment. This news comes on the heels of the company’s decision to pay its executives solely in bitcoins. As of July 8, Remixpoint began compensating its CEO and President in BTC, a move intended to align the financial risk with the interests of the shareholders.
Remixpoint revealed this decision, stating, “We have become even more convinced of Bitcoin’s future”. The directors unanimously reached this decision after extensive discussions, believing that this action will enhance the company’s corporate value on a risk-adjusted basis. The company has not provided information on the structure of the financing or a timeline for the purchases.
Remixpoint, which operates renewable-energy projects and formerly ran the BITPoint Japan crypto exchange before selling its shares to SBI Holdings in 2023, saw its shares close nearly 4% higher prior to the announcement, according to data from Yahoo Finance.
Remixpoint’s strategy to invest in Bitcoin Treasury mirrors that of several Japanese firms. Metaplanet, a Tokyo-based firm, has raised over $1 billion through share sales this year to gather BTC and now possesses 15,555 bitcoins. As per The Block’s data, public companies currently hold over 737,660 BTC, which is about 3.5% of Bitcoin’s circulating supply, as more and more firms are choosing the leading cryptocurrency as their primary reserve asset.
Disclaimer: The Block is an independent media source offering news, research, and data. As of November 2023, the majority investor of The Block is Foresight Ventures, which also invests in other crypto entities. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently, delivering objective and timely crypto industry information. This article is for informational purposes only and is not intended as legal, tax, investment, financial, or other advice.
