Bitcoin Japan raises $60M, allocates $4M for BTC treasury push

A former textile trader turned digital asset firm is building a Bitcoin treasury, one bond issuance at a time.

Bitcoin Japan Corp. plans to raise about 9.66 billion yen ($60 million) through unsecured convertible bonds and stock acquisition rights, with 662 million yen ($4.08 million) earmarked specifically for Bitcoin purchases.

The Cayman Islands-based EVO FUND is providing a substantial portion of the capital through a structure that gives investors the option to convert debt into equity if the stock performs, according to the company's announcement. Bakkt, the digital asset platform backed by Intercontinental Exchange, holds roughly a 30% stake in Bitcoin Japan, connecting the firm to a broader institutional digital asset infrastructure.

Private equity investments claim the largest share of proceeds at 3.756 billion yen, followed by rare earth mining operations in South Africa at 3.503 billion yen and a Robot-as-a-Service business line at 1.446 billion yen. The December 2025 attempt to raise 5.715 billion yen collected only 3.095 billion yen, resulting in zero yen allocated to Bitcoin as a direct consequence of the shortfall.

The $4.08 million Bitcoin allocation is small in absolute terms. For comparison, Strategy, formerly MicroStrategy, has accumulated Bitcoin measured in the tens of billions of dollars. But Japan's yen has faced persistent depreciation pressure, giving Japanese companies a more acute motivation to hold assets not denominated in local currency. Japan is reclassifying Bitcoin as a financial instrument rather than a speculative commodity, with changes expected to take effect around 2027. That reclassification could make treasury adoption more attractive from a compliance and accounting standpoint for companies that establish positions before the rules change.

Bitcoin Japan, formerly known as Horita Marusho, operated in textile trading before undergoing a full strategic pivot and rebranding in 2024. The failed December 2025 raise serves as a risk factor for the current effort — investors should watch whether the full 9.66 billion yen actually gets deployed, or whether the Bitcoin allocation ends up being the first line item cut if the raise underperforms again.

This article is for informational purposes only and does not constitute investment advice.