Remixpoint Ditches Altcoins for Sole Focus on BTC
Japan's Remixpoint has sold all its altcoins, leaving it with only Bitcoin as its sole cryptocurrency holding. The company, which ranks as Japan's third-largest corporate Bitcoin holder, sold its holdings in Ether (ETH), Solana (SOL), XRP, and Dogecoin (DOGE) for a combined 878.8 million yen ($5.5 million). This sale generated a net gain of $736,000.
The company had previously held about 901 ETH, 13,920 SOL, 1.19 million XRP, and 2.8 million DOGE, which would be worth around $2.14 million, $1.36 million, $1.57 million, and $226,000 respectively, based on CoinGecko prices.
Remixpoint stated that it decided to sell the altcoins after considering market conditions, their risk-return characteristics, and its financial strategy. The company's focus on Bitcoin aims to 'clarify investment strategy' and 'improve capital efficiency'. Remixpoint has also been generating returns from its Bitcoin holdings, earning 14.92 BTC from lending between Feb. 24 and Aug. 31, valued at 164.2 million yen ($1 million).