Japanese public company Bitcoin Japan (formerly Hota Marusho) has taken its first concrete step toward building a Bitcoin treasury, announcing a capital raise of approximately 9.657 billion yen ($60.3 million) through convertible bonds and share purchase warrants. Out of the total proceeds, 662 million yen ($4.1 million) – about 7% – is earmarked for direct Bitcoin purchases, marking the firm’s debut institutional BTC investment since its strategic rebranding.
The fundraising was arranged via EVO FUND, involving 1.5 billion yen in unsecured convertible bonds alongside a second series of stock acquisition rights. While the Bitcoin allocation represents the most symbolic move, the majority of the funds will flow into other ventures: 3.756 billion yen for private equity, 3.503 billion yen for rare earth mining projects in South Africa, 1.446 billion yen for Robot-as-a-Service investments, and 290 million yen for working capital.
Management stressed that the Bitcoin investment is a critical component of the company’s long-term financial strategy, reflecting the growing presence of digital assets on corporate balance sheets. The move follows a previous fundraising attempt in December 2025, which fell short – weak share performance slashed intended proceeds from 5.715 billion yen down to 3.095 billion yen, leaving no room for Bitcoin purchases at the time.
Since changing its name, Bitcoin Japan has repositioned itself around digital assets and AI infrastructure. The company recently invested in SpaceX through its U.S. subsidiary BTCJPN US LLC and continues to expand into AI computing and satellite communications. However, the aggressive financing structure carries significant dilution risk: if all convertibles and warrants are fully exercised at minimum prices, dilution could exceed 110%, with voting rights dilution reaching roughly 115%. The company obtained an independent committee opinion to comply with Japanese regulations on large third-party allotments.
The broader financial picture remains challenging. Bitcoin Japan reported consolidated revenue of 2.959 billion yen for the fiscal year ending March 2026, alongside an operating loss of 462 million yen – its eighth consecutive year of operating losses. No purchase schedule or holding target for Bitcoin has been disclosed; the company intends to acquire BTC selectively based on market conditions.
