TLDR
- Bitcoin Japan plans a $59.5M raise with its first Bitcoin treasury allocation.
- Company sets aside 662 million yen for its first planned Bitcoin purchase.
- Private equity and tech projects receive most of the new fundraising proceeds.
- Previous fundraising shortfall delayed Bitcoin treasury purchases until now.
- Dilution may exceed 110% as Bitcoin Japan expands its financing strategy.
Bitcoin Japan has outlined plans to raise about 9.66 billion yen, or approximately $59.5 million, through new financing. The funding includes 662 million yen for its first Bitcoin treasury allocation after its corporate rebranding. Bitcoin Japan continues advancing its transition toward a digital asset treasury business focused on Bitcoin and AI infrastructure.
Bitcoin Allocation Marks Treasury Strategy Milestone
Bitcoin Japan will issue 1.5 billion yen in unsecured convertible bonds with stock acquisition rights through EVO FUND. The company will issue a second series of stock acquisition rights under the same financing arrangement. If fully exercised, the securities could generate estimated net proceeds of about 9.657 billion yen.
The company has allocated 662 million yen, roughly 7% of the planned financing, for Bitcoin purchases. Meanwhile, private equity investments will receive 3.756 billion yen under the current funding plan. Rare earth mining projects in South Africa will receive 3.503 billion yen, while Robot-as-a-Service investments will receive 1.446 billion yen.
Working capital will account for another 290 million yen from the planned proceeds. However, Bitcoin Japan has not announced a purchase schedule or a target amount of Bitcoin holdings. Instead, the company plans to acquire Bitcoin selectively according to market conditions while maintaining its long-term treasury strategy.
Financing Supports Broader Technology Expansion
Bitcoin Japan changed its corporate name from Horita Marusho during 2024 to reflect a broader strategic shift. The company moved beyond its textile trading business and adopted a digital asset treasury model. Besides Bitcoin, the strategy also includes artificial intelligence infrastructure and advanced technology investments.
The latest financing follows an earlier fundraising effort that failed to achieve its intended target. During December 2025, the company planned to raise up to 5.715 billion yen. However, weaker share performance reduced total proceeds to 3.095 billion yen, leaving no funding available for Bitcoin purchases.
Earlier this year, Bitcoin Japan also expanded its technology portfolio through a SpaceX investment. The investment came through its wholly owned U.S. subsidiary, BTCJPN US LLC, using a private secondary market transaction. The company broadened its exposure to AI computing, satellite communications, digital assets, and emerging technologies.
Dilution Risk Accompanies Capital Raising Plan
The financing structure includes unsecured convertible bonds that holders may exchange for company shares at predetermined prices. Conversions may occur gradually instead of creating immediate selling pressure. The company must repay the bonds if holders choose not to convert them.
Corporate documents indicate that full conversion and exercise at the minimum price could increase dilution to 110%. Voting rights dilution could reach approximately 115% under the same scenario. Accordingly, Bitcoin Japan obtained an independent committee opinion supporting the transaction because Japanese regulations classify it as a large third-party allotment.
Recent financial results also provide important context for the fundraising plan. Bitcoin Japan reported consolidated revenue of 2.959 billion yen for the fiscal year ending March 2026. The company recorded an operating loss of 462 million yen, extending eight consecutive years of operating losses while preparing its first Bitcoin treasury purchase.
