The post Japanese Energy Giant Remixpoint Invests $3.2M in Bitcoin Amid Yen’s Decline appeared first on Coinpedia Fintech News
Since September 16, the Japanese Yen has dropped by over 7.15% against the US dollar. The drop has negatively affected many Japanese companies. At the time when Japanese business leaders are discussing strategies to overcome the Yen devaluation crisis, renowned Japanese energy and automotive firm Remixpoint has announced its decision to invest over 500 million Japanese Yen (at least $3.2 million) in Bitcoin, projecting the plan as a strategic hedge against the depreciation of Yen. Would other Japanese companies follow Remispoint? Let’s examine the scenario more closely! Ready?
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 this year, the Japanese Yen stood at $0.0070922. On July 10, it touched a low of $0.0061833. Between July 11 and September 16, it sharply climbed from $0.0061833 to $0.0071095, marking a rise of 14.9%. Since September 16, it has seen a sharp fall of 7.15%. However, in the last ten days, Yen has gained 3.32% against the US dollar.
Remixpoint’s Potential Market Influence
The diversification strategy of Remixpoint sets an example for businesses navigating currency fluctuations. Anyway, the success of the company’s strategy may encourage other Japanese firms to explore the option of using cryptos as a hedge against the depreciation of the Japanese Yen.