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Remixpoint, Inc.

3825.TLOW-MEDIUM

Tactical · Weight: 3%· Data as of 2026-04-24

¥217+0.93%

6-month daily

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

2026-Q2

2026-Q4

Update History

2026-04-24exploreNEW

View report →

New addition to Crypto theme. Tactical micro-cap BTC treasury. Clarifies that BITPoint was sold to SBI in 2023 — Remixpoint is now PURE BTC treasury.

theme_inclusion:not in themeTactical, 3%btc_holdings:N/A~1,431 BTC (target 3,000)

Key Metrics

N/M

N/A

Fwd PE

N/A

P/B

N/M

ROE

N/M

Op Margin

N/A

D/E

0.0%

Div Yield

N/A

FCF

¥34B

Mkt Cap

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[source](2023-01)
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(2026-04-24)
inferred	Metaplanet (reference peer)	Japan corporate BTC-treasury benchmark	Remixpoint mNAV and trading multiple benchmarked against Metaplanet (40,177 BTC) as dominant Japanese comp(2026-04-24)

Sources & References

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Peer Comparison

Company	PE	Fwd PE	ROE	Op Margin	FCF
SBI Holdings, Inc.	4.97	N/A	30.0%	N/A	N/A
Monex Group, Inc.	14.93	N/A	7.0%	14.6%	N/A
GMO internet group, Inc.	26.04	N/A	17.3%	20.7%	N/A
Metaplanet Inc.	N/M	N/A	N/M	71% (FY26E)	N/A
Remixpoint, Inc.	N/M	N/A	N/M	N/M	N/A