Japan-listed company Convarno has ended its Bitcoin treasury strategy and said it will use about ¥8.1 billion raised from selling its Bitcoin holdings for balance-sheet and shareholder measures. According to the announcement carried by Techub and sourced from CoinPost, the company plans to repay ¥2.5 billion in corporate bonds ahead of schedule. It also intends to repurchase up to 45 million of its own shares, with the buyback capped at ¥4.5 billion. Separately, Convarno said it will discontinue its shareholder benefit program that included Bitcoin. The update outlines a clear shift away from the company’s previous Bitcoin treasury approach and redirects the proceeds toward debt reduction and stock repurchases.
Japan-listed company Convarno said it has ended its Bitcoin treasury strategy and will use about ¥8.1 billion from the sale of its Bitcoin holdings to repay corporate debt early and buy back its own shares.
The company said it will repay ¥2.5 billion in corporate bonds and plans to repurchase up to 45 million shares, with the buyback amount capped at ¥4.5 billion. It will also discontinue its shareholder benefit program that included Bitcoin.
The update was published by Techub and attributed to CoinPost.
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