Japanese listed company Remixpoint announced an adjustment to the use of funds previously raised through the issuance of new stock subscription rights, canceling the planned ¥1.2 billion (approximately $7.75 million) investment in Web3-related business. The company stated that, given the current business environment, it is difficult to find high-quality projects that meet the criteria of 'high growth potential' and achieve a 'balance of expected returns and risks.' The funds will instead be redirected to battery and energy-related businesses.
Additionally, out of the total ¥5.976 billion (approximately $38.6 million) raised by the company, ¥4.76 billion (approximately $30.74 million) has already been used to purchase Bitcoin, which was fully invested in June. On October 23, the company decided to halt new equity financing for the purpose of purchasing crypto assets to protect the interests of existing shareholders and avoid dilution of share value.