Remixpoint Invests $3.2 Million in Bitcoin as Japanese Yen Struggles

Since September 16, the Japanese Yen has dropped 7.15% against the US dollar, causing challenges for many Japanese businesses. While leaders across Japan discuss how to handle the Yen’s decline, Remixpoint, a well-known energy and automotive company, has made a strategic move.

The company announced it is investing over 500 million Japanese Yen (around $3.2 million) in Bitcoin, aiming to use it as a hedge against the Yen’s depreciation.

Could this move inspire other Japanese companies to follow suit? Let’s explore further!

Remixpoint’s New Crypto Investment Strategy

This is not the first time that Remixpoint has invested in cryptos. Earlier this year, the company invested at least $5.3 million in Bitcoin, Ethereum, Solana, and Avalanche. Notably, the company also holds positions in XRP and Dogecoin as well.

Reports suggest that the company has secured unrealised gains of $5.3 million for its crypto portfolio. This indicates that the company has benefited greatly from its crypto investment strategy. 

According to a media report, the company is preparing to reduce reliance on Yen-denominated holdings. The report notes that it has received the approval of its shareholders to explore all the possibilities of diversification. 

Japanese Yen Market Overview

At the start of the year, the Japanese Yen was valued at $0.0070922. By July 10, it had fallen to $0.0061833. However, from July 11 to September 16, the Yen rebounded, rising 14.9% to $0.0071095. Unfortunately, since September 16, the Yen has dropped by 7.15%. On a positive note, in the last ten days, it has gained 3.32% against the US dollar.

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If Remixpoint’s strategy continues to succeed, it could encourage other companies to consider using crypto as a hedge against future currency fluctuations.