Bitcoin Japan has announced plans to raise approximately 9.66 billion yen ($59.5 million), with a portion of the funds set aside for the company’s first Bitcoin purchases since rebranding and adopting a Bitcoin treasury strategy.
According to reports, the Tokyo Stock Exchange-listed company will allocate 662 million yen (about $4.08 million) to Bitcoin, representing roughly 7% of the total funds it expects to raise.
The fundraising will be carried out through a combination of unsecured convertible bonds and stock acquisition rights issued to EVO FUND, an investment fund based in the Cayman Islands. If all securities are fully exercised, Bitcoin Japan expects to receive net proceeds of approximately 9.657 billion yen.
While Bitcoin is part of the plan, it is not the primary destination for the new capital.
The largest allocation, 3.756 billion yen, has been earmarked for private equity investments. Another 3.503 billion yen will be directed toward rare earth mining projects in South Africa, while 1.446 billion yen has been allocated to investments in a Robot-as-a-Service (RaaS) business. An additional 290 million yen will be used for working capital and general business operations.
Bitcoin Japan, formerly known as Horita Marusho, changed its corporate identity in 2024 as part of a broader transformation from a traditional textile trading company into a business focused on Bitcoin, artificial intelligence, and emerging technologies.
Despite announcing its Bitcoin treasury strategy earlier, the company has not yet purchased any Bitcoin.
A previous fundraising effort in late 2025 aimed to raise up to 5.715 billion yen, including nearly 1 billion yen intended for Bitcoin acquisitions. However, weaker-than-expected investor participation resulted in the company raising only 3.095 billion yen, leaving no funds available for Bitcoin purchases at the time.
The latest financing round is expected to finally provide capital for the company’s first Bitcoin allocation.
Company filings indicate that Bitcoin purchases will be made selectively and based on market conditions. Management has not yet revealed a specific purchase schedule, target Bitcoin holdings, or performance goals. However, the company continues to view Bitcoin as a long-term asset that can help protect against the declining value of fiat currencies.
The fundraising also follows Bitcoin Japan’s growing interest in technology investments.
In May, the company disclosed an investment in SpaceX through its U.S. subsidiary, BTCJPN US LLC. Management has stated that it is actively exploring opportunities in artificial intelligence infrastructure, satellite communications, digital assets, and other next-generation technologies.
While the financing could help support these ambitions, it may also significantly increase the company’s share count. According to company documents, full conversion of the bonds and exercise of all stock acquisition rights could lead to shareholder dilution of more than 100%.
Because of the size of the transaction, the company sought a review from an independent committee of legal experts, who concluded that the financing plan was necessary and reasonable.
The fundraising comes during a challenging period for the company. Financial results for the fiscal year ending March 2026 showed revenue of 2.959 billion yen and an operating loss of 462 million yen, marking the eighth consecutive year of operating losses.
Even so, the planned Bitcoin allocation represents an important milestone for Bitcoin Japan. After rebranding and announcing its digital asset strategy, the company is now preparing to take its first concrete step toward building a Bitcoin treasury while continuing to invest in broader technology and innovation-focused opportunities.
