Bitcoin Japan, listed on the Tokyo Stock Exchange Standard Market under securities code 8105, said it has completed its first Bitcoin purchase. In a filing, the company said BTC JPN Ltd., its wholly owned Cayman Islands subsidiary, bought 11.9188 BTC on Sept. 28 at an average price of $83,857.43 per coin. The total purchase price was about $999,000. Using an exchange rate of 157.32 yen per dollar, the company put the transaction value at roughly 157 million yen.
According to a Sept. 18 filing, the money for the first Bitcoin purchase came from convertible bonds announced in July. Those bonds raised 1.5 billion yen. The company set a total cap of 662 million yen for Bitcoin investment, with the first purchase capped at $1 million. The latest purchase used about 24% of that total cap. Bitcoin Japan said it plans to keep buying within the approved limit, with timing and size to be decided based on market conditions and funding needs.
Company announces closure of 15 department store counters
On Sept. 30, one day after disclosing the Bitcoin purchase, Bitcoin Japan announced a restructuring plan that includes exiting 15 department store counters. The closures cover six kimono counters and nine women’s apparel counters. The company expects to recognize about 210 million yen in extraordinary losses.
The filing said 14 of the 15 counters will close at the end of October, while the remaining women’s apparel counter will close at the end of January 2027. After the closures, the company will retain seven department store counters for its kimono business and nine for its women’s apparel business.
In the previous fiscal year, the 15 counters generated about 203 million yen in revenue and posted an operating loss of about 55 million yen. Bitcoin Japan reported full-year revenue of 2.959 billion yen for the fiscal year ending March 2026, which means those counters accounted for about 7% of total revenue.
Of the roughly 210 million yen in extraordinary losses, 185 million yen comes from inventory valuation losses and up to 25 million yen is tied to closure-related costs. The company expects to book the loss in the second quarter of the fiscal year ending March 2027, covering July to September 2026. It also said the inventory valuation loss is a book-value adjustment and does not involve cash outflow. The closures are expected to reduce revenue by about 130 million yen in the fiscal year ending March 2027.
The title of the filing said the restructuring also includes rationalization measures such as layoffs, though the body of the filing did not disclose the number of employees affected. The company has posted operating losses for eight straight fiscal years since the fiscal year ended March 2019. Its operating loss for the fiscal year ended March 2026 was 462 million yen.
CEO message links store closures with Bitcoin and AI capital allocation
CEO Phillip Lord released a message on Sept. 30 explaining the store closures alongside the company’s Bitcoin and AI investment plans in the same document. He estimated that, based on the current closure schedule, operating losses in the fiscal year ending March 2027 would be reduced by about 23 million yen. After that, annual operating losses would fall by about 55 million yen, matching the prior-year operating loss generated by the 15 counters.
He wrote, 「Revenue that lacks sustained profitability is not enough.」
Bitcoin Japan shares closed at 77 yen on Sept. 30, up 2.67%. The stock closed at 75 yen on Oct. 1.
Former kimono and apparel company shifted toward digital assets and AI
Company filings say Bitcoin Japan was formerly Hotta Marusho, founded in 1894, with a business centered on fancy yarn, women’s apparel and kimono-related textile operations. In August 2025, U.S. crypto services firm Bakkt, through its subsidiary Bakkt Opco Holdings, acquired a 30% stake from Japan’s RIZAP Group and became the largest shareholder.
After an extraordinary shareholders meeting on Nov. 11, 2025, the company reshuffled management, appointed Phillip Lord as CEO, shifted its focus to AI infrastructure and digital assets, and changed its name to Bitcoin Japan in the same year.
The report also noted that Metaplanet has a separate subsidiary called Bitcoin Japan Inc. that operates the Bitcoin.jp website. The two companies are different entities.
First Bitcoin allocation came nearly 11 months after new management took over
After the new management team took office, the company did not hold any Bitcoin for some time. A fundraising filing dated July 16 said that when the company issued stock acquisition rights in December 2025, it had originally planned to use 988 million yen to buy Bitcoin. But weak share performance meant it raised only 3.145 billion yen, below the original target of 5.765 billion yen.
After issuance costs, 2.85 billion yen was allocated to AI-related investments including SpaceX and Figure AI, while 245 million yen was set aside as working capital. The amount allocated to Bitcoin was zero.
Also on July 16, the company said it would issue convertible bonds and stock acquisition rights to investment fund EVO FUND. If all stock acquisition rights are exercised at the initial price, the company said it could raise about 9.7 billion yen in total including the convertible bonds. Planned use of proceeds was broken down as follows:
- 3.756 billion yen for private equity investments
- 3.503 billion yen for rare earth mining
- 1.446 billion yen for Robotics as a Service, or RaaS
- 662 million yen for Bitcoin investment
Holdings stood at 11.9188 BTC as of Sept. 28
According to the company website, Bitcoin Japan held 11.9188 BTC as of Sept. 28, equal to the full amount of this purchase. Japanese crypto media outlet JinaCoin said the purchase placed the company 16th among Japanese listed companies by Bitcoin holdings.
Binance quoted Bitcoin at about $83,833 at 5:34 p.m. on Oct. 1, Taiwan time. At that price, the company’s Bitcoin holdings were worth about $999,000, almost unchanged from cost. Bitcoin Japan said its Bitcoin position will be marked to market every quarter, with valuation gains or losses recognized in the income statement.
Kimono business revenue has declined in recent years
The company said revenue from its kimono business moved from 760 million yen to 629 million yen and then to 642 million yen over the past three fiscal years.
The same CEO message also said the company had invested in S...