Bitcoin Japan Funds Bitcoin
Bitcoin Japan plans 9.7 billion raise for first BTC purchases and diverse investments
Anonymous
Key Points
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Bitcoin Japan intends to issue unsecured convertible bonds totaling 1.5 billion yen with warrants, plus a second series of stock acquisition rights amounting to 593,779 units, allocated via a third-party allotment to EVO FUND.
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The EVO FUND involved in the deal is described as a Cayman Islands–based investment fund.
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An earlier fundraising attempt in December 2025 planned to raise up to 5.715 billion yen, including 988 million yen earmarked for a Bitcoin treasury strategy, but the effort fell short of expectations.
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This financing would fund Bitcoin purchases as part of Bitcoin Japan's Bitcoin treasury plan and would be its first BTC allocation since rebranding from Horita Marusho in 2024.
Bitcoin Japan — the Tokyo Stock Exchange-listed firm formerly known as Horita Marusho — plans to raise about 9.66 billion yen (roughly $60 million) through convertible bonds and stock acquisition rights, according to Crypto Briefing. The funds are being raised via a third-party deal with EVO FUND, a Cayman Islands-based investment vehicle. Despite its name and its stated Bitcoin treasury strategy, the company has never actually bought a single bitcoin.
Only 662 million yen — about 7% of the total — is earmarked for Bitcoin purchases, according to Value The Markets. The rest flows into private equity deals, a South African rare earth mining project, and a robotics venture.
Where the $60 Million Is Actually Going
The fundraise breaks down across five buckets. The largest slice — 3.756 billion yen — goes to undisclosed private equity investments, per Crypto News. A South African rare earth mining project gets 3.503 billion yen. A Robotics-as-a-Service venture receives 1.446 billion yen. Working capital takes 290 million yen. Bitcoin gets the smallest share: just 662 million yen, or about $4 million.
The structure uses unsecured convertible bonds totaling 1.5 billion yen, plus a second series of 593,779 stock acquisition rights. Both are allotted to EVO FUND. If all securities are exercised, net proceeds are expected to hit approximately 9.657 billion yen, according to Bitget.
A Second Attempt After the First Fell Short
This is not Bitcoin Japan's first try. In December 2025, the company planned to raise up to 5.715 billion yen, with 988 million yen set aside for a Bitcoin treasury strategy, according to Value The Markets. That effort fell short of expectations. Now the company is back with a larger raise — but a smaller Bitcoin allocation in percentage terms.
The company rebranded from Horita Marusho to Bitcoin Japan in 2024. Despite nearly a year under its new name, it has still not acquired any BTC. This new financing round would mark its first actual Bitcoin purchase since the rebrand, according to Bitcoin Sistemi.
How Convertible Bonds Delay the Price Hit
Convertible bonds work like this: a lender gives the company cash now. Later, the lender can convert that debt into stock instead of asking for cash back. This spreads out the number of new shares hitting the market over time. That slows the price impact on existing shareholders — but only if conversions actually happen.
If the bonds are never converted, the company still owes the full repayment. That creates real financial risk. Crypto Briefing noted that the deal's structure could defer price pressure by spreading conversions over time, though the issuer remains on the hook if conversion does not occur.
Bitcoin Treasury Strategy Still More Name Than Reality
Bitcoin Japan's plan mirrors a trend started by MicroStrategy in the US — companies using capital markets to buy and hold Bitcoin as a corporate reserve asset. But the gap between the company's branding and its actual Bitcoin holdings is hard to ignore. Zero BTC purchased, two fundraising rounds, and a name change have not yet produced a single coin.
Even if this round fully closes and all 662 million yen goes to Bitcoin purchases, that amounts to roughly $4 million worth of BTC at current prices, according to Crypto Briefing. For context, MicroStrategy holds over 500,000 BTC. The timing and exact quantity of any future purchases by Bitcoin Japan remain unclear.
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