Tokyo Stock Exchange listed Remixpoint Inc. has invested 750 million yen, equivalent to $5.27 million, in the acquisition of a variety of crypto assets. The cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and Avalanche (AVAX). Notably, the Asian firm is in a pursuit for diversified investment and it hopes to achieve it with crypto inclusive.
Remixpoint Finds Alternative to Yen DepreciationÂ
On September 26, the firm spent 600 million yen on the purchase of 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 Remixpointâs broader plan to make a â1.5 billion yen cryptocurrency purchase.â Noteworthy, this is the first tranche of such acquisition and half of the goal has been achieved.
Remixpoint is also keen on optimising cash management strategies. The concept of diversified investment is in a bid to cushion against the effect of yen depreciation, a challenge that has hit Japan recently.Â
Institutional Investors Delve Into Crypto Via BTC And ETH ETFs
The availability of spot Bitcoin and Ethereum ETFs on stock exchanges in Hong Kong and Australia following their individual approvals by the US SEC, has made it very easy for institutional investors to take a slice of crypto assets. Before now, Remixpoint had established policies and strategies regarding crypto purchases and risk management.Â
This includes the selection of an investment management department as well as an administration department. It also outlined clarification of their duties, quarterly mark-to-market valuations, and transactions through major exchanges.Â
Metaplanet Continues to Acquire BitcoinÂ
Similar to Remixpointâs approach, Metaplanet Inc, an investment firm based in Tokyo, launched its Bitcoin accumulation strategy earlier this year. In the last four months, the company has made a series of BTC acquisitions including the purchase of 20.381 BTC in July. This particular purchase helped Metaplanet to hit its target of accumulating „1 billion worth of Bitcoin.Â
A few weeks ago, the Tokyo-based firm announced an ambitious strategy to increase its Bitcoin holdings significantly. It unveiled its 11th series of stock acquisition rights, which involves acquiring Bitcoin by exercising 540,000 warrants using 299,700,000 yen. Apart from using these acquisitions as an alternative to the depreciating yen, these Japanese companies are demonstrating their interest in bolstering their cryptocurrency portfolio.
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