$60M Financing Package Targets First Bitcoin Purchase Bitcoin Japan, the Tokyo Stock Exchange-listed company formerly known as Horita Marusho, is moving to raise up to approximately $60 milli
Bitcoin Japan, the Tokyo Stock Exchange-listed company formerly known as Horita Marusho, is moving to raise up to approximately $60 million through a structured financing package involving convertible bonds and warrants. The company will issue 1.5 billion yen in unsecured convertible bonds with stock acquisition rights alongside a second series of stock acquisition rights through Cayman Islands-based investment fund EVO FUND.
According to the allocation breakdown, 662 million yen, representing roughly 7% of total planned capital, will be directed toward Bitcoin acquisitions.The largest share, 3.756 billion yen, has been set aside for undisclosed private equity investments, followed by 3.503 billion yen for rare earth mining projects in South Africa and 1.446 billion yen for investments in a Robot-as-a-Service business.
Bitcoin Japan changed its name from Horita Marusho in 2024 and announced plans to transition from a textile trading business into a digital asset treasury company centered on Bitcoin and AI infrastructure, yet the company has yet to acquire any Bitcoin.The latest allocation follows an earlier fundraising effort that fell short of expectations. Bitcoin Japan had planned to raise as much as 5.715 billion yen in December 2025, including 988 million yen for a Bitcoin treasury strategy, but weak share price performance limited investor participation, reducing the total amount raised to 3.095 billion yen and leaving no funds available for Bitcoin purchase.
Full conversion of the convertible bonds and exercise of all stock acquisition rights at the minimum price would result in dilution of up to 110%, or 115% on a voting rights basis.Because the transaction qualifies as a large third-party allotment under Japanese rules, the company obtained an opinion from an independent committee consisting of outside legal experts, which concluded that the financing was necessary and reasonable.
Financial results released by the company showed consolidated revenue of 2.959 billion yen and an operating loss of 462 million yen for the fiscal year ending March 2026, extending its streak of operating losses to eight consecutive years.Against that backdrop, the planned Bitcoin allocation represents the company's first funded step toward executing the treasury strategy it announced after its rebranding.
Bitcoin Japan's move adds to a growing wave of Japanese corporates seeking exposure to $BTC on their balance sheets. Metaplanet, the country's largest corporate Bitcoin holder, held 43,000 BTC as of July 10, 2026, after purchasing 2,823 BTC during the second quarter. Bitcoin Japan's ambitions are considerably more modest for now, but the direction of travel is clear: more Japanese listed companies are treating Bitcoin as a legitimate treasury asset within the country's regulatory framework.
Sources:crypto.news: Bitcoin Japan revives Bitcoin treasury plan with fresh $60M financingMoneyCheck: Bitcoin Japan Eyes $59.5M Capital Raise for Inaugural BTC Treasury Strategy
