TSE-Listed Bitcoin Japan Sets Aside JPY 662m for First BTC Holdings Amid Dilution Risks
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.
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.
Norbert Gehrke
