Bitcoin Japan Launches $60M Bitcoin Treasury Initiative

Bitcoin Japan Revives Bitcoin Treasury Plan

Bitcoin Japan has announced plans to raise approximately 9.66 billion yen (around $59.5 million), with 662 million yen (approximately $4.08 million) allocated for its first Bitcoin purchases since the company transitioned to its new identity.

Funding Allocation Details

Of the total funds raised, Bitcoin will comprise about 7%. The majority of the proceeds are aimed at various investments: 3.756 billion yen will go towards private equity, 3.503 billion yen for rare earth mining projects in South Africa, and 1.446 billion yen targeted for investments in a Robot-as-a-Service (RaaS) business. An additional 290 million yen is earmarked for working capital.

Convertible Bonds Issuance

The company, which was previously known as Horita Marusho, will issue 1.5 billion yen in unsecured convertible bonds along with a second series of stock acquisition rights facilitated through the Cayman Islands-based EVO FUND. If fully subscribed, these securities could yield net proceeds of about 9.657 billion yen. These convertible bonds allow investors to exchange debt for shares at a predetermined price, intending to alleviate immediate stock price pressure.

Previous Fundraising Shortcomings

Bitcoin Japan’s latest fundraising comes after a previous effort failed to meet its target, securing only 3.095 billion yen when it aimed to raise as much as 5.715 billion yen in December 2025. This prior shortfall meant there were no funds left for Bitcoin purchases, highlighting the company’s ongoing struggle with share price performance and investor interest.

Future Outlook and Investment Strategy

Ongoing funding will be deployed selectively based on market conditions, though the company has not stated a specific timeline or targeted Bitcoin holdings. Bitcoin Japan continues to position Bitcoin as a safeguard against fiat currency depreciation.

Expansion into Technology Investments

The announcement of the fundraiser aligns with Bitcoin Japan’s broader strategy to expand into technology for investments beyond digital assets. In a recent move in May, the company invested in SpaceX through its wholly-owned subsidiary in the U.S., BTCJPN US LLC, marking a significant pivot towards sectors like AI, satellite communications, and next-generation technologies.

Implications of New Financing

This financing round potentially dilutes the company’s share count significantly, with projections indicating a possible dilution of up to 110%. An independent committee’s assessment confirmed the necessity and reasonableness of the financing under Japanese regulations.

Operational Challenges

Bitcoin Japan’s financial reports indicate ongoing challenges, with consolidated revenue recorded at 2.959 billion yen against an operating loss of 462 million yen for the fiscal year ending March 2026, marking continued operational losses for eight consecutive years. The current Bitcoin allocation aims to be the first concrete step towards implementing the treasury strategy post-rebranding.