Remixpoint, Inc.
3825.TLOW-MEDIUMScore: 21.5Tactical · Weight: 3%· Data as of 2026-04-24
Investment Thesis
Micro-cap pure BTC treasury with a path to 3,000 BTC after a ¥31.5B ($215M) capital raise in 2025. Current holdings ~1,431 BTC (Oct 2025), 3rd-largest among Japanese corporate BTC holders. At ¥34B market cap vs ~¥22B BTC + cash, mNAV compressed to ~1.0x — cheapest BTC-per-share exposure among Japanese listings. Important correction: Remixpoint SOLD BITPoint crypto exchange to SBI in 2023 — the company is now a PURE BTC treasury, NOT an exchange operator.
Risk
1) Micro-cap — ¥34B market cap with thin ADTV means entry/exit slippage. 2) Dilution from ¥31.5B raise not yet fully deployed into BTC — timing risk. 3) 3rd in Japan BTC-treasury pecking order behind Metaplanet; less institutional attention. 4) Energy segment producing only ¥511M Q3 FY26 revenue — de minimis. 5) No recurring crypto trading fees post BITPoint divestiture.
Monitoring Trigger
TRIM if: BTC purchases from ¥31.5B raise not completed by end-2026 OR mNAV drops below 0.8x. ADD to 5% if: 3,000 BTC milestone achieved AND stock trades <1.2x mNAV. EXIT if: management abandons 3,000 BTC target OR forced to sell BTC for liquidity.
Key Dates
Key Metrics
Business Segments
| Segment | Revenue | Share | Description |
|---|---|---|---|
| Energy Business | primary legacy | ||
| Resilience Business (disaster backup power) | |||
| Financial Investment Business (BTC treasury) | |||
| Others |
Supply Chain Evidence
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| confirmed | SBI Holdings (BITPoint buyer — DIVESTED 2023) | BITPoint Japan crypto exchange (SOLD) | Remixpoint sold BITPoint Japan crypto exchange to SBI Holdings in 2023 — historical note only, no ongoing operational relationship |
| probable | Licensed Japanese crypto exchanges | BTC purchase execution and custody | BTC purchases executed via licensed Japanese exchanges (not publicly named); custody arrangements not publicly disclosed — typical for Japanese crypto-treasury companies |
| inferred | Metaplanet (reference peer) | Japan corporate BTC-treasury benchmark | Remixpoint mNAV and trading multiple benchmarked against Metaplanet (40,177 BTC) as dominant Japanese comp |