Japan’s Remixpoint Sells All Altcoins, Shifts Crypto Holdings to Bitcoin
Summary
- Remixpoint said it sold all of its Dogecoin (DOGE), Ether (ETH), Solana (SOL) and XRP (XRP) holdings and reorganized its portfolio around Bitcoin (BTC).
- The four sales generated about $742,000 in profit, based on gains and losses measured against carrying values at the start of the fiscal year.
- After disposing of its altcoins, Remixpoint now holds only about 1,506 BTC, with the position valued at more than $115 million.
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Remixpoint, a listed Japanese company, has sold all of its Dogecoin, Ether, Solana and XRP holdings and refocused its crypto asset strategy on Bitcoin.
CoinDesk reported on September 3 that Remixpoint sold about 2.8 million Dogecoin on September 1 for about $234,000. The transaction resulted in a loss of about $21,000 compared with the carrying value at the start of the current fiscal year. That loss was calculated against the book value at the beginning of the fiscal year, not the original purchase price.
The company also sold all of its Ether, Solana and XRP holdings the same day. It recorded gains of about $379,000 on Ether, about $311,000 on Solana and about $72,000 on XRP. Including the Dogecoin loss, total profit from the four sales came to about $742,000.
Remixpoint said it liquidated its altcoin holdings after reviewing market conditions and the risk-return profile of each cryptocurrency. It plans to concentrate its crypto portfolio on Bitcoin going forward.
Dogecoin is one of the major cryptocurrencies traded in Japan’s regulated market. Crypto exchanges registered in Japan have offered Dogecoin since 2022, and the Japan Virtual and Crypto Assets Exchange Association has published an official DOGE-yen reference price this year alongside Bitcoin, Ether, XRP and Solana.
After the altcoin sales, Bitcoin was the only cryptocurrency remaining in Remixpoint’s holdings. The company now holds about 1,506 BTC, valued at more than $115 million based on September 3 prices.
