Bitcoin Japan Corporation (TSE: 8105), the Tokyo-listed company formerly known as Marusho Hotta, has announced a notable capital raise through the issuance of convertible bonds. The move provides fresh funding to advance its Bitcoin treasury strategy and support an expanding portfolio of AI-related and adjacent technology investments.
On July 16, the company’s board resolved to issue ¥1.5 billion in unsecured convertible bond-type stock acquisition rights (with adjustable conversion price clauses) via third-party allotment to EVO FUND.
The package also includes additional stock acquisition rights. This financing comes at a pivotal time as the company works to fulfill its long-term vision of positioning Bitcoin as strategic treasury capital while accelerating deployments into high-growth areas such as AI infrastructure.
Terms and Structure of the Convertible Bond Issuance
According to the company’s latest timely disclosure (TDnet) filing, the core of the transaction involves ¥1.5 billion in convertible bonds, each with a face value structured around ¥100 units. These bonds carry no interest and mature on August 4, 2027, with redemption at par unless converted or called earlier.
Conversion into common shares begins after the payment date, with an initial conversion price of ¥138 per share. This price adjusts periodically, typically every two trading days, based on the volume-weighted average or simple average of the company’s closing stock prices over a defined lookback period.
A key protective feature is the floor conversion price of ¥69, which caps potential dilution. At the initial conversion price, full conversion would result in approximately 10.87 million new shares. At the floor price, that number could rise to around 21.74 million shares. The bonds include standard anti-dilution adjustments for stock splits, dividends, and other corporate actions.
Accompanying the bonds are additional stock acquisition rights issued at a modest total value of roughly ¥6.53 million (¥11 per right). These rights also feature adjustable exercise prices with similar floor protections and are subject to the same third-party allotment framework. Strict exercise limitations apply to prevent any single party from triggering “excessive exercise” thresholds under Tokyo Stock Exchange rules, ensuring orderly capital markets behavior. The entire package is subject to regulatory filings taking effect.
This structure offers Bitcoin Japan several advantages over straight equity raises. It delivers immediate capital with minimal upfront dilution while giving investors downside protection through the bond component and upside participation via conversion. For a company navigating a transition from traditional apparel and materials businesses into technology-driven investments, such flexible instruments help maintain balance sheet discipline.
Broader Momentum Among Japanese Public Companies Adopting Bitcoin Treasuries
Bitcoin Japan Corporation joins a growing cohort of Tokyo-listed firms embracing Bitcoin as a core treasury asset amid yen weakness and global monetary trends. Leading the way is Metaplanet Inc. (TSE: 3350), often dubbed “Japan’s MicroStrategy,” which has aggressively accumulated and currently holds over 43,000 BTC as of mid-2026 through a combination of equity raises, bond issuances, and operational cash flows.
Metaplanet’s approach emphasizes rapid balance-sheet expansion and even explores Bitcoin-backed financial products via subsidiaries, setting a high-profile benchmark for corporate adoption in Japan. Bitcoin Japan’s more measured, multi-asset strategy, pairing selective Bitcoin purchases with AI infrastructure and critical materials investments, adds diversity to this emerging trend.
Together, these companies illustrate how listed Japanese entities are leveraging Bitcoin not only as an inflation hedge but also as foundational capital for long-term technological and financial innovation.
Strategic Priorities: Replenishing Bitcoin Holdings and Fueling Broader Growth
Proceeds from this financing are earmarked for several interconnected strategic initiatives. Central among them is replenishing the Bitcoin treasury allocation that fell short in prior fundraising rounds. Earlier warrant exercises raised approximately ¥3.1 billion in net proceeds, below the originally targeted amount, leaving planned Bitcoin purchases unexecuted.
The new capital allows the company to selectively acquire Bitcoin as a long-term hedge against fiat currency depreciation and monetary expansion, aligning with its stated view of the asset as “strategic treasury capital.”
Beyond Bitcoin, funds will also support continued expansion in AI infrastructure and related ecosystem plays. The company has already disclosed indirect investments in high-profile names such as SpaceX (via a special purpose vehicle through its U.S. subsidiary) and Figure AI. Future deployments may target compute infrastructure, data centers, energy solutions, and frontier AI technologies where management sees substantial long-term value creation.
Additional capital will explore adjacent high-potential areas. These include investments in rare earth minerals and critical materials (particularly through partnerships or acquisitions linked to South African mining opportunities), as well as robotics-as-a-service (RaaS) platforms aimed at addressing Japan’s labor shortages in an aging society. The company has also established overseas subsidiaries, including one in Singapore, to facilitate more agile execution of global investments.
Under CEO Phillip Lord, who joined as part of the 2025 rebranding and strategic pivot, Bitcoin Japan is methodically building a diversified platform. The emphasis remains on disciplined capital allocation: investments must demonstrably enhance long-term intrinsic value per share rather than simply chasing headline Bitcoin holdings or short-term trends. This measured approach distinguishes the firm from more aggressive corporate Bitcoin adopters while still positioning it to benefit from both digital asset appreciation and AI-driven technological shifts.
The financing reflects broader momentum among Japanese listed companies exploring Bitcoin and digital assets amid ongoing yen dynamics and global technological transformation. By combining traditional corporate finance tools with forward-looking treasury and investment strategies, Bitcoin Japan aims to create a resilient balance sheet capable of supporting multi-year execution.
This latest raise underscores Bitcoin Japan’s commitment to evolving from its historical roots in apparel and kimono-related businesses into a modern platform bridging AI, digital assets, and critical infrastructure. With regulatory clearances pending and deployment timelines extending into the coming fiscal periods, investors and stakeholders now have clearer visibility into the company’s capital roadmap for the next phase of growth.
Also read: Peter Schiff Says Strategy Is No Longer a Bitcoin Leverage Play
