Remixpoint, a Japanese energy consulting firm, made a significant Bitcoin (BTC) purchase to increase its holdings. Remixpoint added 33.34 BTC worth about $3.2 million to its initial portfolio. The cumulative Bitcoin holding of the firm now stands at 333.19 BTC, estimated to cost $31.7 million.
The firm had invested $5.27 million or 750 million yen in acquiring different crypto assets in September last year.
Remixpoint Strategic Acquisition Amid Market Fluctuations
Notably, Remixpoint’s acquisition appears to have leveraged the current decline in the price of BTC in the broader cryptocurrency market. Many analysts consider the world’s leading digital asset to be underperforming. This follows BTC’s all-time high of $108,268 it reached around mid-December.
Bitcoin, however, slumped to around $90,000 amid market volatility and other macroeconomic factors. However, the asset has posted a notable recovery as it looks to retest the psychological $100,000 price resistance level.
As of this writing, BTC changes for $96,607.21, a 5.77% increase in the last 24 hours. The trading volume increased by 40.19% to $64.91 billion, indicating renewed investors’ confidence.
Remixpoint’s Diversification into Altcoins
Besides Bitcoin, Remixpoint has also revealed it has diversified crypto holdings with some assets in altcoin. These include 1,391.3 Ethereum valued at $4.4 million, 513,060 XRP worth $1.3 million, and 6,724.5 Solana costing $1.2 million. Others are 1.15 million Dogecoin worth $402,500 and 19,468.9 Avalanche valued at $694,650.
These investments in altcoins come as there has been a forecast of a likely rally in these coins. Meanwhile, the overall target of Remixpoint is to use digital assets as a hedge against the depreciating value of the Japanese yen. The company hopes to reduce the risks of fiat currency fluctuations and consolidate its position financially.
Corporate Players Bitcoin Acquisition
Remixpoint follows in the footsteps of a fellow Japanese company, Metaplanet. The Tokyo-listed company has steadily increased its Bitcoin reserve by aggressively investing in Bitcoin. Metaplanet’s total Bitcoin holding reached 1.762 BTC, valued at approximately $165 million. Simon Gerovich, Metaplanet CEO, says the goal is to acquire 10,000 BTC by the end of this year.
Metaplanet has been dubbed MicroStrategy imitator as it appears to have drawn its Bitcoin accumulation plans from the American business intelligence firm Michael Saylor led. MicroStrategy currently has a total accumulation of 450,000 BTC.
