Japan’s Remixpoint says it raised $215 million to expand bitcoin treasury

Remixpoint Inc., a Tokyo-listed energy and cryptocurrency services firm, said it has raised approximately 31.5 billion yen ($215 million) in a financing deal and will deploy the entire sum to purchase bitcoin for its corporate treasury.

In a Wednesday statement posted to X, the company stated that its “near-term goal” is to hold 3,000 BTC, although the final tally could fluctuate with Bitcoin’s price and Remixpoint’s share price. Since last September, the firm has accumulated an estimated 1,051 BTC, worth around $114 million at present, and altcoins, including Ether, SOL, XRP, and DOGE, to hedge against a depreciating Japanese yen.

After the initial purchase, management will review the position against the stock’s three-day average to decide whether to adjust the target. The announcement follows a decision to pay executives solely in bitcoins. On July 8, Remix said it would start paying its CEO and President in BTC. The move is meant to align economic risks with shareholder interests.

“We have become even more convinced of bitcoin’s future,” Remixpoint wrote, adding that directors reached the decision unanimously after “extensive discussions” and believe the move will boost corporate value on a risk-adjusted basis. “We understand the difference between seizing opportunities and playing it safe, as well as the distinction between a challenge and recklessness.”

Remixpoint did not detail the financing structure or give a timetable for the purchases. The company operates renewable-energy projects and previously ran the BITPoint Japan crypto exchange, before divesting its shares to SBI Holdings in 2023. Remix shares closed nearly 4% higher before the disclosure, according to Yahoo Finance data.

Remixpoint could mirror the Bitcoin Treasury investment strategy used by a few Japanese firms. Tokyo-based Metaplanet, hailed as Asia’s Strategy, has raised more than $1 billion through share sales this year to accumulate BTC, and now holds 15,555 bitcoins. Public companies now hold more than 737,660 BTC, about 3.5% bitcoin’s circulating supply, as firms increasingly adopt the largest cryptocurrency as their primary reserve asset, according to The Block's data dashboard.