Tokyo-based Convano Inc., previously known for operating nail salons, is aiming to transform itself into one of the world’s largest corporate Bitcoin holders. It announced its plans to raise about ¥434 billion (about $3 billion) for acquiring 21,000 Bitcoin, representing roughly 0.1% of the total supply.
The company plans to acquire Bitcoin in three phases: 2,000 BTC by the end of 2025, 10,000 BTC by August 2026, and 21,000 BTC by March 2027. Further, an X post by user ‘dimensional_yk’ shared how Convano’s plans also indicate its strategic plans to leverage Bitcoin’s current lower acquisition costs to achieve their goal of holding 21,000 BTC.
Many companies are following the trend of building a strong Bitcoin (BTC) strategy and moving into the crypto space, and Convano is now one of them.
Fundraising Plans
Convano is following a strategy similar to the one used by Michael Saylor. It aims to attract investors, lift its stock price, and use that momentum to buy more Bitcoin.
Motokiyo Azuma, Convano’s Director in Charge of Finance and Crypto Strategies said to Bloomberg, “We will enhance corporate value with the new plan which will increase our stock price 10 times.” He added that they began considering Bitcoin due to the ongoing depreciation of the yen and geopolitical risks.
Aside from its acquisition strategy of Bitcoin, Convano will also create a yen-pegged stablecoin in cooperation with cryptocurrency exchange FINX JCrypto. The business wishes to become the issuer of the stablecoin by 2027, subject to obtaining various regulatory approvals.
As of August 25, Convano had raised just 2% of the required funds and held 365 Bitcoin. Further, on August 29, Tokyo-listed Convano Inc. closed at ¥289, down 6.7% to ¥21 for the day, according to Yahoo Finance.
Also Read: China’s PetroChina Eyes Stablecoins for Cross-Border Payments
