Bitcoin Japan Corporation, a company listed on the Tokyo Stock Exchange and formerly known as textile and apparel maker Marusho Hotta, said it will raise about ¥9.7 billion, or roughly $60 million, through ¥1.5 billion in unsecured convertible bonds and additional stock acquisition rights issued to Cayman Islands-registered EVO Fund.
According to The Block, this is the first time Bitcoin Japan has raised funds for an actual Bitcoin purchase since rebranding in 2024 and shifting to a “Bitcoin Treasury Company” identity. Even so, only 7% of the total raise is set aside for BTC.
Most of the proceeds are not going to Bitcoin
The company’s filing breaks down the planned use of the roughly ¥9.7 billion as follows:
- About ¥3.756 billion for unspecified private equity investments
- About ¥3.503 billion for investment in a South African rare earth mining project
- About ¥1.446 billion for investment in a Robot-as-a-Service (RaaS) business
- About ¥662 million for a first Bitcoin purchase, equivalent to roughly $4 million and about 7% of the total raise
That allocation leaves the bulk of the financing directed to investments unrelated to Bitcoin, despite the company’s current branding.
From Marusho Hotta to Bitcoin Japan
Bitcoin Japan traces its roots to Marusho Hotta, a Japanese kimono and textile apparel manufacturer founded in 1861 and listed on the Tokyo Stock Exchange in 1974. The company said shareholders approved the name change to Bitcoin Japan Corporation in November 2025, and it has promoted itself externally as a “Bitcoin Treasury Company.”
In theory, that would place it on a path similar to Japan’s Metaplanet and U.S.-based Strategy, formerly MicroStrategy, by using debt and equity financing to build BTC reserves.
ABMedia said that despite nearly two years having passed since the rebrand, the company still holds zero Bitcoin on its balance sheet. This $60 million fundraising therefore marks the company’s first concrete step toward buying BTC, though the share allocated to Bitcoin remains limited at 7%.
Dilution and losses are under scrutiny
Another point drawing attention is the structure of the financing. If the convertible bonds and stock acquisition rights are fully converted, dilution for existing shareholders could reach 110%, cutting their ownership stake to less than half of its current level.
The company has also posted operating losses for seven consecutive fiscal years, and the current year is projected to become its eighth straight year of operating losses.
With only 7% of the proceeds allocated to Bitcoin and the other 93% directed to non-Bitcoin investment lines, investors are likely to examine closely whether the deal fits the label of a Bitcoin treasury strategy.