Remixpoint (3825), a Japanese energy consulting firm that decided to build up cryptocurrency reserves, boosted its holdings by more than 8,000% in the nine months ended Dec. 31 and is now close to having spent its target of 10 billion yen ($65 million).

The Tokyo-based company held 5.8 billion yen ($38 million) of crypto at year-end, up from 68 million on March 31. It had spent 9 billion yen on crypto as of Thursday, it said in an earnings presentation, without giving the current value of its holdings.

While Remixpoint focuses on energy consultancy, it has recently expanded to provide cryptocurrency transaction services after starting to investing in bitcoin (BTC) as a hedge against the depreciation of the Japanese currency. That’s the same strategy as Metaplanet, a Japanese investment company whose BTC investment program announced last April sent its stock soaring by several thousand percent.

The lion’s share of Remixpoint’s investments were allocated to bitcoin while the firm invested also invested in ether (ETH), SOL XRP and dogecoin (DOGE).

The investment has revealed in the fiscal third-quarter earnings report that saw a profit of 1.35 billion yen and an unrealized gain of 658 million on its cryptocurrency holdings. Starting November 2024 the company started recognizing valuation gains and losses on its cryptocurrency holdings as a part of revenue.

The firm increased its cryptocurrency accumulation given the rally in cryptocurrency prices since Donald Trump’s victory in the U.S. presidential elections, bringing in a friendlier regulatory environment for the crypto industry.

The company’s shares have surged more than 360% since Trump’s electoral victory. Since then, the firm has accelerated its crypto accumulation, more than quadrupling its bitcoin holdings to 125.2 BTC.

Remixpoint’s shares tumbled 15% on Friday, while the broader Nikkei 225 index dropped just 0.79%.