Bitcoin Japan Corporation’s board resolved on July 16, 2026, to sell EVO FUND ¥1.5 billion in zero-coupon convertible bonds, a package that could net roughly ¥9.66 billion if fully exercised. Only ¥662 million of that total, about 7%, is earmarked for Bitcoin.
Key Takeaways
- Bitcoin Japan Corporation’s board approved a ¥1.5 billion convertible bond and warrant sale to EVO FUND on July 16, 2026, according to Bitcoin Japan Corporation’s TDnet disclosure.
- Full exercise of the package could raise about ¥9.66 billion, but dilute existing shareholders by up to 115.47% on a voting-rights basis.
- Only ¥662 million, about 7% of the total, is earmarked for Bitcoin, per TDnet records, with the rest split among private equity, rare-earth mining, and robotics.
- The Bitcoin allocation marks the company’s first funded purchase after an earlier raise brought in only about ¥3.1 billion, leaving planned Bitcoin buys unexecuted.
- Rival Tokyo-listed firm Metaplanet Inc. holds more than 43,000 BTC, a far more aggressive accumulation strategy than Bitcoin Japan’s diversified approach.
What Happened?
Bitcoin Japan Corporation (TSE: 8105) is the Tokyo-listed company formerly known as Marusho Hotta, and its board resolved that same day to sell EVO FUND ¥1.5 billion in zero-coupon convertible bonds with stock acquisition rights, by third-party allotment, per Tokyo Stock Exchange third-party-allotment rules. The bonds mature on August 4, 2027, carry an initial conversion price of ¥138 per share, and include a floor conversion price of ¥69, equal to 50% of the closing price on the issue date, per TDnet records.
Alongside the bonds, the company will issue 593,779 warrant-style stock acquisition rights priced at ¥11 each, with each right convertible into 100 shares. If every security is exercised, Bitcoin Japan Corporation estimates net proceeds of about ¥9.66 billion.
Where the ¥9.66 Billion Actually Goes?
Private equity investments take the largest share of the proceeds at ¥3,756 million, followed by rare-earth mining projects at ¥3,503 million, with the mining allocation tied to South African mining opportunities. A company named Bitcoin Japan is putting only a sliver of this raise toward Bitcoin itself.
| Use of Proceeds | Amount |
|---|---|
| Private equity | ¥3,756 million |
| Rare-earth mining (South Africa) | ¥3,503 million |
| Robotics-as-a-Service (RaaS) | ¥1,446 million |
| Bitcoin | ¥662 million |
| Working capital | ¥290 million |
Robotics-as-a-Service technology gets ¥1,446 million and working capital gets ¥290 million. Bitcoin’s allocation of ¥662 million is about 7% of the roughly ¥9.66 billion total, less than either of the two largest line items alone.
The Dilution Math Behind the Deal
Full exercise of the bonds and warrants at the ¥69 floor price could add up to 81,117,020 new shares, equal to about 115.47% dilution on a voting-rights basis. Because the package qualifies as a large-scale third-party allotment under Tokyo Stock Exchange rules, an independent committee of outside experts reviewed the terms and opined the financing was necessary and reasonable.
A zero-coupon bond pays no periodic interest, so EVO FUND’s return comes entirely from converting the debt into shares below the market price. That conversion mechanic, not a cash coupon, is what produces the dilution figures above. Independent-committee review is Japan’s procedural check on that kind of dilutive, discount-priced financing, distinct from the shareholder vote thresholds and disclosure rules that apply to comparable deals..
Implications for Japan’s Corporate Bitcoin Wave
The company’s stated capital-allocation framework spans AI infrastructure, including disclosed investments in SpaceX and Figure AI, alongside robotics, rare earths, and Bitcoin. The Bitcoin allocation marks the company’s first funded Bitcoin treasury purchase, with the disclosure describing the buys as selective and tied to market conditions, without a stated purchase timeline or target holding. An earlier warrant exercise had raised only about ¥3.1 billion, below the company’s target, leaving those planned Bitcoin purchases unexecuted.
Metaplanet Inc. (TSE: 3350), also Tokyo-listed, holds more than 43,000 BTC as of mid-2026, built through a mix of equity raises, bond issuances, and operational cash flow. Bitcoin Japan’s structure spreads that same capital across private equity, mining, and robotics instead, a split that mirrors a wider shift, where corporate treasuries increasingly treat Bitcoin as one allocation choice among several rather than a singular bet.
CoinLaw’s Takeaway
The gap between the company’s name and a 7% Bitcoin allocation, not the ¥1.5 billion raise itself, is the real signal here. Private equity and rare-earth mining combined outweigh the Bitcoin line item by more than ten to one in this round.
The dilution math deserves equal attention too. A large, floor priced share issuance is a meaningful ask of existing shareholders, the kind of retail-facing dilution that typically cannot be participated in pro rata under a third party allotment. The independent committee’s sign off is a procedural safeguard, not a market-price guarantee.
The prior raise’s unexecuted Bitcoin purchases are the more telling detail here. Capital earmarked for Bitcoin has gone unspent before at this company, which makes actual deployment, not the announcement, the real test of this allocation.
