Japanese video game developer Enish Inc. (TSE: 3667.T) has sold its entire Bitcoin holdings and is redirecting capital into the Solana ecosystem, marking a significant pivot in corporate treasury strategy amid growing skepticism around holding BTC as a reserve asset.
According to official disclosures, Enish liquidated all 8.063 BTC on June 3 for approximately 79.27 million yen ($510,000), incurring a total loss of 24.7 million yen ($160,000) compared to its original purchase price of 104 million yen in April 2025. Only 6.22 million yen ($40,000) of that loss will impact the current quarter as a non-operating expense, with earlier revaluations absorbing the remainder.
The company’s new “Digital Asset Treasury 2.0” (DAT 2.0) strategy abandons the previous DAT 1.0 model, which relied solely on price appreciation, in favor of generating continuous income through Solana staking rewards and validator operations. Enish stated that the old approach had become “increasingly challenging in the face of increasing market volatility.”
The firm intends to allocate roughly 720 million yen ($4.6 million) – sourced from the Bitcoin sale and a recent warrant and bond issuance – to its Active Treasury project. The plan is to engage Solplanet, a Japanese Solana-based infrastructure provider, to run a white-label validator under Enish’s own brand while outsourcing technical operations. Annual staking yields are projected at 6–8%. The board restructuring and charter changes were ratified at an extraordinary shareholders’ meeting on June 9.
Enish’s decision comes amid broader cracks in the corporate Bitcoin treasury narrative. On June 1, Strategy (formerly MicroStrategy) disclosed in an 8-K filing that it sold 32 BTC for $2.5 million between May 26 and May 31 – its first reduction since December 2022 – for tax-loss harvesting. Meanwhile, Japan’s largest corporate BTC holder, Metaplanet, saw its mNAV ratio fall to 0.90, triggering discussions of a stock buyback to address the discount to net asset value. These events together suggest that even ardent corporate Bitcoin champions are reevaluating the “buy-and-hold-forever” approach, despite record-level inflows into US spot Bitcoin ETFs surpassing $45 billion since January 2024.
