Bitcoin Japan Moves to Raise ¥9.66 Billion and Earmarks ¥662 Million for First Bitcoin Purchase
Proceeds will finance private equity, South African rare‑earth mining and Robot‑as‑a‑Service with potential to more than double outstanding shares on conversion.
Overview
- Bitcoin Japan disclosed on Friday that it will seek about ¥9.66 billion through unsecured convertible bonds and stock acquisition rights arranged with Cayman Islands‑based EVO FUND.
- The company set aside ¥662 million, roughly 7% of the planned proceeds, for a maiden Bitcoin treasury allocation but has not bought any Bitcoin and gave no purchase timetable or target holdings.
- Most funds are earmarked for other projects: ¥3.756 billion for private equity, ¥3.503 billion for rare‑earth mining in South Africa, ¥1.446 billion for a Robot‑as‑a‑Service business, and ¥290 million for working capital.
- Company filings show full conversion and exercise at minimum prices could dilute current shareholders by about 110% and dilute voting rights by about 115%, and an independent committee reviewed and found the deal necessary under Japanese large‑allotment rules.
- The raise follows a December 2025 round that fell short and a string of losses—consolidated revenue of ¥2.959 billion and an operating loss of ¥462 million for the year to March 2026—so the plan increases execution and dilution risk for existing investors and will determine whether the firm can fund both its Bitcoin treasury goal and wider tech investments.