- Bitcoin Japan plans to raise up to 9.657 billion yen, but only 662 million yen is earmarked for Bitcoin purchases.
- Most of the capital will be directed toward private equity, rare earth mining, AI, and robotics investments.
- The company has yet to purchase any Bitcoin despite rebranding around a digital asset treasury strategy in 2024.
Bitcoin Japan is preparing a major fundraising round that could generate approximately 9.657 billion yen in net proceeds, but only a small portion of that capital is expected to be used to build its long-promised Bitcoin treasury.
According to company filings reported by CoinPost, the Tokyo Stock Exchange-listed firm will issue 1.5 billion yen in unsecured convertible bonds alongside a new series of stock acquisition rights through Cayman Islands-based investment fund EVO FUND.
While the financing represents a significant capital raise, the allocation reveals that Bitcoin remains a relatively small part of the company’s broader investment strategy.
Bitcoin Receives Just 7% of the Capital
Company filings show that only 662 million yen, roughly 7% of the planned financing, has been allocated for future Bitcoin purchases.
The largest portion of the proceeds, 3.756 billion yen, has been reserved for undisclosed private equity investments. Another 3.503 billion yen will fund rare earth mining projects in South Africa, while 1.446 billion yen is earmarked for investments in a Robot-as-a-Service (RaaS) business.
The remaining funds will primarily be used for working capital and other corporate purposes.
Management said Bitcoin purchases will be made selectively depending on market conditions, although it has not announced a timeline or target for building its digital asset reserves.
Treasury Strategy Still Waiting to Begin
Bitcoin Japan, formerly known as Horita Marusho, rebranded in 2024 with plans to transform from a textile trading company into a business centered around Bitcoin treasury management and AI infrastructure.
Despite that strategic shift, the company has yet to acquire any Bitcoin.
A previous fundraising effort in late 2025 also failed to deliver enough capital to launch the treasury strategy after weaker-than-expected investor participation reduced the amount raised.
The latest financing represents the company’s first fully funded opportunity to begin executing its Bitcoin accumulation plans.
Dilution Remains a Key Concern
The capital raise relies on convertible bonds and stock acquisition rights, allowing investors to convert debt into equity over time.
If all securities are fully converted and exercised at the minimum conversion price, company filings indicate existing shareholders could face dilution of up to 110%, or 115% on a voting rights basis.
Because of the size of the financing, Bitcoin Japan obtained approval from an independent committee, which concluded that the transaction was necessary and reasonable under Japanese regulations.
A High-Risk Bet on Multiple Growth Sectors
Beyond Bitcoin, Bitcoin Japan has increasingly expanded into technology investments, including artificial intelligence, robotics, satellite communications, and digital infrastructure.
Earlier this year, the company also disclosed an investment in SpaceX through its U.S. subsidiary, reflecting its broader focus on emerging technologies rather than cryptocurrency alone.
With eight consecutive years of operating losses, management appears to be betting that diversification across Bitcoin, AI, robotics, and critical minerals can help reshape the company’s long-term future.
Whether that strategy succeeds may ultimately depend not only on Bitcoin’s performance but also on the company’s ability to execute across several rapidly evolving industries simultaneously.
