Dogecoin becomes only losing bet for Japan-listed firm as it sells altcoins for bitcoin

Japan-listed Remixpoint made money when it reported selling ether ETH$2,404.40, solana (SOL) and $XRP on Wednesday. Dogecoin $DOGE$0.08115 was the exception.

The company sold 2.8 million $DOGE on Sept. 1 for about $234,000, roughly $21,000 below its fiscal-year opening book value. Ether produced a $379,000 gain, solana $311,000 and $XRP about $72,000, leaving Remixpoint with a roughly $742,000 gain across the four positions.

The $DOGE loss is measured against the value Remixpoint carried the position at when its current fiscal year began, rather than its original purchase cost. The company sold all four altcoins on the same day.

The loss stands out because dogecoin is no fringe token in Japan. $DOGE has been traded by registered Japanese crypto exchanges since 2022, and the Japan Virtual and Crypto Assets Exchange Association, the industry’s recognized self-regulatory body, began publishing an official $DOGE/JPY reference price this year alongside bitcoin, ether, $XRP and solana.

Remixpoint said it sold the four tokens after reviewing market conditions and their risk-return characteristics, and will now concentrate its crypto holdings in bitcoin.

The company still owns about 1,506 BTC, worth over $115 million at Thursday prices, making bitcoin its only remaining cryptocurrency.