Japanese Firm Rotates Out of Altcoins Into Bitcoin, Dogecoin Underperforms

Japan-listed Remixpoint has moved to an all-Bitcoin crypto portfolio after liquidating its holdings of ether, Solana, XRP and Dogecoin. The company made money on three of the sales, while DOGE was the only token that produced a loss.

Remixpoint sold 2.8 million DOGE on Sept. 1 for about $234,000, which was roughly $21,000 below the position’s book value at the beginning of its fiscal year.

The other transactions were more profitable. The company recorded gains of approximately $379,000 from ether, $311,000 from Solana and $72,000 from XRP. Across all four positions, Remixpoint generated a net gain of around $742,000.

The reported DOGE loss is calculated using the token’s value at the start of the current fiscal year, rather than the price Remixpoint initially paid for it. All four altcoin holdings were sold on the same day.

Dogecoin’s underperformance comes despite its established role in Japan’s cryptocurrency market. Registered Japanese exchanges have supported DOGE trading since 2022. The Japan Virtual and Crypto Assets Exchange Association, the country’s recognized crypto industry self-regulatory body, also introduced an official DOGE/JPY reference price this year alongside Bitcoin, ether, XRP and Solana.

Remixpoint said it made the decision after assessing market conditions and the risk-return characteristics of the four cryptocurrencies. The company will now concentrate its digital-asset strategy on Bitcoin.

Remixpoint continues to hold approximately 1,506 BTC, valued at more than $115 million based on Thursday’s prices. With the altcoin sales complete, Bitcoin is now the company’s only cryptocurrency holding.