The Bitcoin Japan, a company listed on the Tokyo Stock Exchange, approved a financing plan that could raise 9.66 billion yen (about US$ 59.5 million) to finance new investments. For the first time since adopting a treasury strategy in bitcoin, the company intends to allocate part of the funds to buy the cryptocurrency.
The agreement was structured with EVO Fund, from the Cayman Islands, and combines a convertible bond of 1.5 billion yen with a new issuance of stock acquisition rights. If all instruments are exercised, the company could raise approximately US$ 60 million over the next 12 months.
Despite the emphasis placed on bitcoin, the cryptocurrency represents only a small part of the investment plan. About 662 million yen (US$ 4,1 milhões) are reserved for the first purchase of BTC, but this allocation will only occur after artificial intelligence, rare earth mining, and robotics projects are financed.
The largest share of the funds will be allocated to private companies in AI, including pre-IPO startups. Another 3.5 billion yen will finance a rare earth mining project, while 1.45 billion yen will be invested in a robotics-as-a-service business in Tokyo.
The fundraising structure is similar to that previously used by Metaplanet. If all bonds are converted at the initial price, about 70.3 million new shares will be issued, a number equivalent to 95% of the shares currently outstanding. The company said that exercises will be limited to approximately 10% of the shares per month, reducing the impact of dilution for shareholders.
Bitcoin Japan shares reacted negatively to the announcement. On Friday, the stock fell to 87 yen, the lowest price of 2026, before closing the trading session at 99 yen, down 26.7% from the previous close.
The company also confirmed that it still does not own any bitcoins, despite having announced its treasury strategy last year. A previous attempt to raise funds to buy the cryptocurrency failed after the devaluation of the shares.
"Bitcoin reserves are not a key performance indicator", the company said, adding that its main metric remains long-term intrinsic value per share.
In addition to the future purchase of bitcoin, Bitcoin Japan maintains investments in AI infrastructure, including an indirect stake in SpaceX shares and investments in startup Figure AI. The company is also seeking to reverse a streak of eight consecutive years of operating losses, while expanding its diversification strategy with technology and cryptocurrencies.