Japan-listed Remixpoint sells all ETH, SOL, XRP and DOGE holdings in shift to bitcoin-only crypto strategy

Japan-listed Remixpoint sold its entire altcoin portfolio as the company shifts to a bitcoin-only cryptocurrency strategy.

Remixpoint sold 901.45 ETH, 13,920 SOL, 1.19 million XRP, and 2.8 million DOGE on Sept. 1 for a combined ¥878.8 million ($5.5 million), according to a translation of a company disclosure on Wednesday. The sales generated a ¥117.8 million ($737,000) gain over their combined book value of ¥761 million.

Remixpoint realized gains of ¥60.2 million ($377,000) on its ETH position, ¥49.3 million ($308,000) on SOL, and ¥11.5 million ($72,000) on XRP. However, it recorded a ¥3.3 million ($21,000) loss on DOGE. The company said it decided to sell the altcoins after considering market conditions, their risk-return characteristics, and its financial strategy.

Bitcoin-only

Bitcoin is now Remixpoint's only cryptocurrency holding, with the company owning approximately 1,506 BTC, worth around $115.3 million at current prices. Remixpoint said concentrating its crypto portfolio around bitcoin would clarify its investment strategy and improve capital efficiency.

The company has also been generating returns from lending its bitcoin. Remixpoint said it earned 14.92 BTC in lending fees between Feb. 24 and Aug. 31, valued at ¥164.2 million ($1 million) based on the applicable month-end exchange rates. 

The firm said it is considering using proceeds from the altcoin sales to expand assets in growth areas, including grid-scale battery storage, strengthen its financial position, and pursue other measures aimed at increasing corporate and shareholder value.

Remixpoint's shares closed down 5% on Wednesday in Tokyo, according to TradingView.