Japan's listed company, Bitcoin Japan, once again advanced financing arrangements and, for the first time, established a clear budget for the Bitcoin Treasury. The company disclosed that if the relevant reversibility and equity rights were fully exercised, the net fund-raising was expected to be approximately Yen9657 million, of which Yen62 million would be used to buy bitcoin.

Financing structure including reversibility and equity

According to company documents and CoinPost, this financing includes 1.5 billion yen in non-guaranteeable debt swaps, as well as a second-recognized equity arrangement for the Cayman Islands investment agency EVO FUND. If it is fully completed, the company is expected to receive some 9,657 million yen net funding.

This is the first time that Bitcoin Jaban has put in place real funding for the Bitcoin Treasury Strategy. The company had not completed any bitcoin purchases, although it had previously announced a shift to a digital asset bank.

Bitcoin was allocated about 7% of the funds.

Of this fund-raising, 662 million yen, or about 7 per cent of total financing, was allocated to Bitcoin. The remaining funds will be invested mainly in private equity, the rare-earth mining project in South Africa, the Robot as a Service, and operating funds.

  • Private equity investments: 3,756 million yen
  • Rare earth mining project in South Africa: 3.503 billion yen
  • RaaS Business Investment: 1446 million yen

Another 290 million yen will be used for operating funds. The company indicated that bitcoin funds would be selected for investment, depending on market conditions, but did not disclose specific buy-in times, target hold-up size or performance indicators.

Last year's fundraiser failed to meet the target.

Bitcoin Japan, formerly Horita Marusho, introduced a new strategy for moving from textile trade to Bitcoin and AI infrastructure after changing his name in 2024. In December 2025, the company planned to raise the highest amount of JPY 57.15 billion, of which JPY 988 million was intended for the Bitcoin Treasury.

However, as a result of weak stock prices, the previous financing ended up raising only 3,095 million yen, which was below the target, and resulted in the non-implementation of the initial Bitcoin allocation. This new financing means that companies restart this arrangement.

Synchronize the scaling up of investment in science and technology

This financing also occurred after companies accelerated their investment in science and technology. The company disclosed that in May, it had completed its investment in SpaceX through the United States-owned wholly-owned subsidiary BTCJPN US LLC in the United States private-market secondary market.

The company stated at that time that the long-term focus was on AI computing infrastructure, satellite communications, digital assets and next-generation technology. Since the transaction constituted a large-scale third-party distribution under Japanese rules, the company also obtained the opinion of an independent commission that the financing was necessary and reasonable.

Advancing new strategies in the context of continuing losses

The financial statements show that, as of March 2026, the company had received a combined operating deficit of Yen2959 million and an operating deficit of Yen462 million, which had been recorded for eight consecutive years. Against this background, the current allocation of funds for Bitcoin is considered to be the first time that its renamed Treasury strategy has entered the implementation phase.

Additional information:The company still does not disclose the specific pace of purchase or the amount of bitcoin it holds.