Bitcoin Japan Corporation secured nearly $60 million through convertible bonds and stock acquisition rights but plans to invest just about $4 million, or 7%, of the proceeds in Bitcoin itself. The rest is directed toward private equity, rare-earth mining, and robotics projects.
Funds Raised and Allocation Strategy
The Tokyo Stock Exchange-listed company, trading under ticker 8105, announced on July 17 that the funds came from a single subscriber: EVO Fund, a Cayman Islands-based investor known for backing Bitcoin accumulation strategies in public markets. Bitcoin Japan currently holds no Bitcoin; this upcoming purchase will be its first.
Most of the capital will funnel into ventures unrelated to Bitcoin, including rare-earth mining and robotics, diverging sharply from the company’s name and original promise.
The financing structure involves convertible bonds and stock acquisition rights, which can convert into new shares and cause significant dilution for existing shareholders. The expected dilution rate is estimated between 95% and 110%, potentially halving current ownership stakes. Following the announcement, the company’s stock price declined.
Bitcoin Japan, formerly known as Marusho Hotta Co., Ltd., traces its roots back to 1861 as a textiles and apparel business. It rebranded in November 2025 aiming to pivot toward a Bitcoin treasury model. However, previous fundraising attempts stalled before the successful deal with EVO Fund.
EVO Fund’s involvement aligns with its history of financing firms with Bitcoin accumulation strategies, marking it as a repeat participant in this niche market.
This move by Bitcoin Japan raises questions for investors given that only a small fraction of the raised capital will actually be spent on Bitcoin despite the company’s brand identity. The majority will go toward other sectors, which may affect shareholder expectations and market perception.
This material is for informational purposes and does not constitute financial advice.
