From Silk to Sats: Bitcoin Japan Threads ¥9.66B Raise, Tucks 7% Under BTC's Mattress 🧵

Tokyo Stock Exchange-listed Bitcoin Japan has lined up roughly ¥9.66 billion (approximately $59.5 million) in fresh financing, with ¥662 million (about $4.08 million) set aside for its first Bitcoin ($BTC) purchase since adopting the digital-asset-treasury identity it inherited from textile trader Horita Marusho in 2024. Japanese crypto outlet CoinPost reported the plan combines ¥1.5 billion in unsecured convertible bonds with stock acquisition rights and a second series of warrants issued through Cayman Islands-based investment fund EVO FUND, yielding net proceeds of about ¥9.657 billion if fully exercised.

The filings cited by CoinPost earmark the largest single bucket, ¥3.756 billion, for undisclosed private equity investments, followed by ¥3.503 billion for rare earth mining projects in South Africa, ¥1.446 billion for a Robot-as-a-Service (RaaS) business, and ¥290 million in working capital. Convertible bonds give investors the option to swap debt for company shares at a preset price, a structure CoinPost said can ease short-term pressure on the share price by spacing out conversions, though the issuer remains on the hook for repayment if holders do not convert.

Bitcoin Japan has yet to acquire any Bitcoin, and the ¥662 million allocation, equal to about 7% of the planned raise, will be deployed selectively based on market conditions, with no purchase timeline, target holdings or performance metrics disclosed. The company continues to describe Bitcoin as a long-term hedge against the erosion of fiat currency value, a framing it has used since rebranding from its textile-trading origins.

The new push comes after an earlier fundraising attempt fell well short. Disclosures show Bitcoin Japan had planned to raise as much as ¥5.715 billion in December 2025, including ¥988 million for a Bitcoin treasury strategy, but weak share-price performance limited investor participation to ¥3.095 billion, leaving no proceeds available for Bitcoin purchases at the time.

The financing follows Bitcoin Japan's expansion into broader technology investments. In May, the company disclosed an investment in SpaceX executed through its wholly owned U.S. subsidiary BTCJPN US LLC via a U.S.-based private secondary-market transaction, naming AI compute infrastructure, satellite communications, digital assets and next-generation technologies as target sectors for its long-term investment strategy.