Remixpoint, a Japanese energy consulting firm, has approved a new 1 billion yen Bitcoin purchase

Japanese consulting firm Remixpoint has approved a new ¥1 billion (around $7 million) Bitcoin (BTC) purchase, bringing its total investment in crypto assets

Japanese energy consulting firm Remixpoint has approved a new 1 billion Japanese yen Bitcoin purchase, bringing its total crypto investment to roughly $84 million.

The company, which is publicly listed on the Tokyo Stock Exchange, disclosed the decision in a regulatory filing on Monday.

According to the filing, Remixpoint has already spent 10.5 billion yen out of 11 billion yen previously approved for cryptocurrencies. The firm will add the additional 1 billion yen to invest in Bitcoin “while considering market conditions.” It didn’t specify a purchase date or expected price.

Furthermore, Remixpoint said it will continue to assess its crypto holdings every quarter, stating that the “balance of crypto assets held will be marked to market on a quarterly basis, and the resulting gains or losses will be recorded on the income statement.”

Shares of Remixpoint rose 5.26% following the announcement, closing at 580 yen.

Founded in 2004 and publicly listed since 2006, Remixpoint began as a software provider before expanding into electricity and automotive trading. The company has increased its exposure to cryptocurrencies over the past year, joining a small but growing group of Japanese firms adopting Bitcoin as part of their financial strategy.

In 2023, several local companies turned to crypto as a hedge amid economic uncertainty. Among them, property developer Metaplanet has become one of the country’s largest corporate holders of Bitcoin, with 1,142 BTC now valued at over $125 million.