With the Japanese Yen weakening, Remixpoint, a publicly listed Japanese company, has taken decisive action by purchasing significant amounts of Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Avalanche (AVAX). Hereâs a breakdown of their recent crypto acquisitions:
đ° Major Crypto Purchases
Bitcoin (BTC): 64.4 BTC worth $4.2M (600 million Yen)
Solana (SOL): 2,260.5 SOL worth $350K (50 million Yen)
Ethereum (ETH): 130.1 ETH worth $350K (50 million Yen)
Avalanche (AVAX): 12,269.9 AVAX worth $350K (50 million Yen)
đ Total Crypto Allocation
Remixpoint allocated a total of $5.25M for this crypto purchase.
The company plans to invest another $5.25M in BTC, SOL, ETH, and AVAX by the end of the year, contingent on market conditions.
The initial purchase is part of a broader plan to invest $10.5M (1.5 billion Yen) in crypto, with $8.4M primarily focused on Bitcoin.
đ Why the Crypto Move?
Remixpointâs strategy aims to:
Diversify its investments and optimize its cash management.
Mitigate the risk posed by the continued depreciation of the Japanese Yen on its balance sheet.
đ Yen Depreciation Context
The Japanese Yen has experienced significant losses this year, dropping more than any other G10 nationâs currency.
In May, Goldman Sachs analysts predicted further weakness for the Yen, especially if the U.S. Federal Reserve slows down its interest rate cuts.
The Yen reached a low of 140.61 to the dollar earlier this year and currently hovers around 143.06.
đč Impact on Remixpoint's Shares
Following the announcement of its crypto investment, Remixpointâs stock surged:
Traded between 159-164 JPY last week.
Jumped to 179 JPY after the crypto purchase announcement.
Peaked at 181 JPY before settling at 177 JPY earlier today.
đ Other Companies Follow Suit
Metaplanet, another Japanese firm, also invested in Bitcoin earlier this year to hedge against the yenâs devaluation, purchasing 19.87 BTC, currently valued at $1.27M.
đ What to Watch
As the Yen continues to weaken, expect more companies like Remixpoint to turn to cryptocurrencies as a way to protect against economic instability.
â ïž Disclaimer: This content is informational and should not be considered financial advice.
