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Bitcoin Japan Corporation wants to put Bitcoin on its balance sheet. The company announced plans to raise approximately 9.66 billion yen, roughly $60 million, through a combination of unsecured convertible bonds and stock acquisition rights. Of that total, 662 million yen, about $4.08 million, is earmarked specifically for acquiring Bitcoin.
For context, this is a company that was selling fabric not long ago. The pivot to digital assets is complete enough that it has “Bitcoin” in the name now.
What the money is actually for
The $60 million raise is not a pure Bitcoin play. Private equity investments claim the largest share at 3.756 billion yen. Rare earth mining operations in South Africa take the second-biggest slice at 3.503 billion yen. A Robot-as-a-Service business line receives 1.446 billion yen. Bitcoin gets 662 million yen, and the remainder covers working capital.
A Cayman Islands-based entity called EVO FUND is providing a substantial portion of the capital. The structure, convertible bonds plus stock acquisition rights, is a financing approach that gives investors the option to convert debt into equity if the stock performs.
This is not Bitcoin Japan’s first attempt at a raise of this kind. In December 2025, the company tried to pull in 5.715 billion yen and fell well short, collecting only 3.095 billion yen. That shortfall had a direct consequence: zero yen was allocated to Bitcoin as a result. The July 2026 announcement is the company’s second attempt at getting this right, and this time the Bitcoin line item made the cut.
The broader Japanese corporate Bitcoin trend
Japanese public companies collectively hold tens of thousands of Bitcoin. Japan is in the process of reclassifying Bitcoin as a financial instrument rather than a speculative commodity, with those changes expected to take effect around 2027. That reclassification changes how companies can account for Bitcoin holdings on their balance sheets, potentially making treasury adoption more attractive from a compliance and accounting standpoint.
Bitcoin Japan was formerly known as Horita Marusho and operated in textile trading before undergoing a full strategic pivot and rebranding in 2024.
Bakkt, the digital asset platform backed by Intercontinental Exchange, holds roughly a 30% stake in Bitcoin Japan. That is not a trivial ownership position. It connects Bitcoin Japan to a broader institutional digital asset infrastructure.
What investors should watch
The $4.08 million Bitcoin allocation is small in absolute terms. For comparison, MicroStrategy, now rebranded as Strategy, has accumulated Bitcoin measured in the tens of billions of dollars.
Japan’s yen has faced persistent depreciation pressure, which gives Japanese companies a more acute motivation to hold assets that are not denominated in local currency.
The failed December 2025 raise is worth keeping in mind as a risk factor. The fact that the company came up short once already means 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.
If Japan’s 2027 reclassification of Bitcoin proceeds as expected, companies that establish treasury positions before the rules change could benefit from more favorable accounting treatment going forward.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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