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Japanese energy and automotive firm Remixpoint will invest $3.2 million in Bitcoin in a bid to expand its cryptocurrency portfolio.

According to a November 25 notice, the Tokyo-based firm said it would allocate up to 500 million yen (roughly $3.2 million) toward buying more Bitcoin.

Reports from local media state the company currently holds 215.76 BTC valued at 3.17 billion yen ($20.8 million.)

As of November 20, the company’s cryptocurrency investments featured a diversified portfolio, with 9,674.37 Solana (SOL) valued at $2.36 million, 227.87 Ethereum (ETH) worth $723,279, and smaller allocations in Avalanche (AVAX), Dogecoin (DOGE), and Ripple (XRP), contributing to unrealized gains of 810 million yen ($5.3 million) across its holdings.

In the announcement, Remixpoint said that the victory of President-elect Donald Trump, the increased demand for Bitcoin via spot exchange-traded funds, and the current market environment were among the key factors that led to this decision.

The company expects to complete the purchase by the end of the year, contingent on market conditions, and has committed to promptly sharing any material impact of the investment on its financial performance.

Founded in 2004, Remixpoint initially operated in the software industry before pivoting to energy and automobile trading.

The company, listed on the Tokyo Stock Exchange in 2006, recently turned to cryptocurrencies as a hedge against the weakening yen.

Its first crypto investment was on September 27, 2024, when it acquired 64.4 BTC for approximately $4.2 million (600 million yen), bringing its total cryptocurrency investments, including the latest purchase, to 3.5 billion yen.

With its crypto strategy, Remixpoint has joined several other Japanese firms seeking exposure to Bitcoin in recent years as the island nation struggles with economic challenges and currency devaluation. 

Notable examples include publicly listed firm Metaplanet, which holds 1,142 BTC worth $106.31 million, and gaming giant Nexon, which allocated $100 million to Bitcoin in 2021.

Bitcoin’s growing prominence is underscored by its current status as one of the world’s most valuable assets.

As of press time, Bitcoin was trading at $93,200 after hitting an all-time high of $99,645 on November 22.

Its price momentum, nearing the $100,000 threshold, has prompted numerous companies worldwide to view it as both an inflation hedge and a long-term store of value.

Corporate interest in Bitcoin began gaining traction in 2020 when US-based MicroStrategy became one of the first major firms to adopt the cryptocurrency. It remains the largest corporate Bitcoin holder, setting a benchmark for others to follow.

On November 26, Canada-based Jiva Technologies announced plans to allocate up to $1 million to Bitcoin as part of its treasury diversification strategy. 

Before that, Hoth Therapeutics had disclosed plans to invest $1 million in Bitcoin, citing its potential as a hedge against inflation and a reliable store of value.

The post Japan's Remixpoint to invest $3.2M in Bitcoin amid growing adoption frenzy appeared first on Invezz

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