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# TSE-Listed Bitcoin Japan Sets Aside JPY 662m for First BTC Holdings Amid Dilution Risks
- URL: https://www.fintechobserver.com/tse-listed-bitcoin-japan-sets-aside-jpy-662m-for-first-btc-holdings-amid-dilution-risks/
- Published: 2026-07-23T04:16:45.000Z
- Updated: 2026-07-23T04:16:45.000Z
- Author: Norbert Gehrke
- Tags: digital assets, digital asset treasury, bitcoin, private equity, japan

Tokyo Stock Exchange-listed Bitcoin Japan (TSE: 8105), formerly apparel firm Marusho Hotta, announced a private placement to Cayman-based EVO FUND expected to yield net proceeds of up to ¥9.66 billion ($61.8 million) via unsecured convertible bonds and stock acquisition rights.

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The capital allocation plan prioritizes traditional and private market investments over digital assets:

- **Unlisted Equity:** ¥3.76 billion
- **Mining Operations (Rare Earths, S. Africa):** ¥3.50 billion
- **Robot-as-a-Service (RaaS):** ¥1.45 billion
- **Bitcoin (BTC) Treasury:** ¥662 million (\~7% of total proceeds)
- **Working Capital:** ¥290 million

While the company rebranded in 2024 to establish a Digital Asset Treasury (DAT) strategy, it currently holds zero Bitcoin. A previous fundraising effort in December 2025 missed its target—raising ¥3.10 billion of an expected ¥5.72 billion—failing to fund planned BTC acquisitions.

The financing carries substantial structural dilution risks for existing shareholders, with maximum dilution projected at 110% (115% voting rights basis) if fully converted at the floor price. For the fiscal year ended March 2026, Bitcoin Japan reported net sales of ¥2.96 billion and an operating loss of ¥462 million, marking its eighth consecutive fiscal year in the red.

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