Bitcoin Japan raises ¥1.5B to rebuild BTC treasury
What's the deal? Bitcoin JapanDealroom has a profile for this one. Try Dealroom → (TSE: 8105), the Tokyo-listed firm formerly known as Marusho Hotta, is raising ¥1.5 billion (about $9.2 million) through convertible bonds. EVO Fund is taking the entire third-party allotment. The company's board approved the issue on July 16.
Where's the money going? The proceeds will replenish a Bitcoin treasury allocation that fell short in earlier fundraising rounds. Bitcoin Japan also plans to back AI infrastructure and adjacent technology investments as it shifts away from its apparel and materials roots.
The terms: The interest-free bonds mature on August 4, 2027, with an initial conversion price of ¥138 per share and a floor of ¥69 to cap dilution. Full conversion would create roughly 10.87 million new shares, rising to about 21.74 million at the floor price. The package also includes stock acquisition rights valued at about ¥6.53 million.
Why this structure? Convertible bonds deliver immediate capital with minimal upfront dilution. Investors get downside protection through the bond and upside via conversion — useful for a company mid-pivot into technology bets.
What could go wrong? The adjustable conversion price and low ¥69 floor leave room for meaningful dilution if the stock slides. Tying a corporate treasury to Bitcoin also exposes the balance sheet to the asset's volatility.
The signal: Bitcoin Japan joins a widening group of Tokyo-listed firms adopting Bitcoin as a treasury asset amid yen weakness. MetaplanetDealroom has a profile for this one. Try Dealroom → (TSE: 3350), often called "Japan's MicroStrategy," has led the trend, signalling that the corporate Bitcoin playbook is spreading well beyond a single early mover.
Read more: The Crypto Times
Image credit: Dick Thomas Johnson
