Bitcoin Japan, formerly Horita Marusho (8105) and listed on the Tokyo Stock Exchange, said it plans to secure about JPY 9.657 billion in net proceeds through the issuance of unsecured convertible bond-type bonds with stock acquisition rights and a second series of stock acquisition rights to Cayman Islands-based investment fund EVO FUND, according to CoinPost. Of that amount, JPY 662 million will be allocated to Bitcoin, representing about 7% of the total financing. The company said this marks the first time since its name change that it will actually deploy capital into Bitcoin. The rest of the funds are mainly earmarked for private equity investment, an investment in a rare earth mine in South Africa, and investment in its RaaS business. The announcement lays out a multi-pronged capital allocation plan, with Bitcoin taking a relatively small share compared with the other stated uses of proceeds.
Bitcoin Japan, formerly Horita Marusho (8105) and listed on the Tokyo Stock Exchange, said it will raise estimated net proceeds of about JPY 9.657 billion by issuing unsecured convertible bond-type bonds with stock acquisition rights and a second series of stock acquisition rights to Cayman Islands investment fund EVO FUND, according to CoinPost.
The company said JPY 662 million, or about 7% of the total financing, will be allocated to Bitcoin. It is the first time since the company changed its name that it will actually deploy funds into BTC.
The remaining proceeds are mainly intended for private equity investment at JPY 3.756 billion, investment in a rare earth mine in South Africa at JPY 3.503 billion, and investment in its RaaS business at JPY 1.446 billion.
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