Remixpoint Inc., a Tokyo-listed energy and cryptocurrency services firm, said it has raised approximately 31.5 billion yen ($215 million) in a financing deal and will deploy the entire sum to purchase bitcoin for its corporate treasury.

In a Wednesday statement posted to X, the company stated that its “near-term goal” is to hold 3,000  BTC +0.39%, although the final tally could fluctuate with Bitcoin’s price and Remixpoint’s share price. Since last September, the firm has accumulated an estimated 1,051 BTC, worth around $114 million at present, and altcoins, including Ether, SOL, XRP, and DOGE, to hedge against a depreciating Japanese yen.

After the initial purchase, management will review the position against the stock’s three-day average to decide whether to adjust the target. The announcement follows a decision to pay executives solely in bitcoins. On July 8, Remix said it would start paying its CEO and President in BTC. The move is meant to align economic risks with shareholder interests.

Read the full story at The Block.