Tokyo-based energy company Remixpoint has announced it raised 31.5 billion yen (approximately $215 million) with the sole purpose of expanding its Bitcoin treasury. The funds were secured through the company’s 25th series of stock acquisition rights and fourth series of unsecured bonds. The stock acquisition rights will result in the creation of 55 million new shares, representing a 39.9% dilution, issued at market price without discount.
Remixpoint, a Tokyo-listed energy and fintech firm that has pivoted to accumulating Bitcoin, aims to increase its Bitcoin reserves to 3,000 BTC in the near term. Currently, the company holds 1,051 BTC, valued at over $113.8 million, making it the 30th largest corporate Bitcoin treasury.
This significant acquisition follows a recent announcement that Remixpoint CEO Takashi Tashiro will receive his salary in Bitcoin, a move intended to align with shareholder interests. The company’s board unanimously approved the investment strategy, citing its potential to enhance corporate value from a risk-return perspective while maintaining future flexibility.
The move by Remixpoint comes amidst a growing trend of companies adding Bitcoin to their balance sheets. Recent activities include MicroStrategy reporting $14 billion in unrealized gains on its Bitcoin holdings, Japan’s Metaplanet acquiring an additional 2,204 BTC for $237 million and exploring digital bank acquisitions, and European companies like The Blockchain Group and Smarter Web Company also expanding their Bitcoin holdings. However, not all analysts are convinced of the long-term viability for new entrants, with Glassnode lead analyst James Check suggesting that the “easy upside may already be behind” new companies in this space.
