Dogecoin Lags as Japan-Listed Firm Swaps Altcoins for Bitcoin

Remixpoint, a Japan-listed company, posted gains from selling ether, Solana and XRP, while Dogecoin was the only position sold at a loss as the firm shifted its crypto strategy toward Bitcoin.

The company reported on Wednesday that it had sold its holdings of ETH, SOL and XRP for profits, but DOGE was the exception. Remixpoint sold 2.8 million DOGE on Sept. 1 for approximately $234,000, about $21,000 below the asset’s book value at the start of its fiscal year.

The sales generated gains of roughly $379,000 on ether, $311,000 on Solana and $72,000 on XRP. Combined with the Dogecoin loss, the four transactions resulted in an overall gain of about $742,000.

The $21,000 DOGE loss was calculated against the value assigned to the holding when Remixpoint began its current fiscal year, rather than the token’s original purchase price. All four altcoin positions were liquidated on the same day.

Dogecoin’s underperformance is notable given its established presence in Japan’s crypto market. Japanese-registered exchanges have offered DOGE trading since 2022, while the Japan Virtual and Crypto Assets Exchange Association, the country’s recognized crypto industry self-regulatory organization, began publishing an official DOGE/JPY reference price this year. The reference pricing was introduced alongside those for Bitcoin, ether, XRP and Solana.

Remixpoint said its decision to sell the four altcoins followed a review of market conditions and the risk-return profiles of the assets. Going forward, the company plans to focus its cryptocurrency holdings entirely on Bitcoin.

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