Bitcoin Japan Launches Treasury Strategy With $60M Convertible Bond Raise
Bitcoin Japan, a subsidiary of Japanese investment firm Metaplanet, is preparing to establish its own Bitcoin treasury after securing fresh capital through a convertible bond offering.
The company revealed it has signed a financing agreement with EVO Fund, raising 9.66 billion yen (approximately $59.5 million). A portion of the proceeds—more than 662 million yen, or roughly $4 million—has already been earmarked for its first Bitcoin acquisition.
The move marks Bitcoin Japan's official entry into the growing trend of corporate treasury strategies centered around the world's largest cryptocurrency.
Based in Tokyo, Bitcoin Japan focuses on expanding awareness and adoption of Bitcoin through media, educational initiatives, data platforms, and industry events. The company says its mission is to strengthen Japan's Bitcoin ecosystem while supporting global adoption of the digital asset.
Its parent company, Metaplanet, has already established itself as one of the world's largest publicly traded Bitcoin holders. Since launching its treasury strategy in 2024, the company has accumulated around 43,000 BTC, valued at more than $2.8 billion at current market prices.
Despite its sizable holdings, Metaplanet has not escaped broader market weakness. The company's shares have fallen more than 50% since the beginning of the year as Bitcoin and crypto-related equities have faced renewed selling pressure.
Bitcoin Japan's announcement comes during a challenging period for many digital asset treasury companies. Businesses that built their balance sheets around Bitcoin have seen both their share prices and cryptocurrency portfolios decline as market conditions weakened.
Strategy, widely recognized as the pioneer of the corporate Bitcoin treasury model, has also experienced a steep decline in its stock over the past year. The downturn has weighed on investor sentiment across the sector and forced some newer entrants to reduce their crypto holdings to strengthen liquidity.
The rapid rise of treasury companies throughout 2025 saw dozens of publicly listed firms announce plans to accumulate Bitcoin and other digital assets. In many cases, those announcements initially boosted share prices as investors embraced the trend. However, the subsequent correction in crypto markets exposed the risks of relying heavily on volatile digital assets.
Even so, accumulation has not stopped entirely.
Companies with long-term conviction continue to view lower Bitcoin prices as an opportunity rather than a setback. Bitcoin Japan appears to share that outlook, choosing to begin building its treasury while valuations remain well below recent highs.
Japan has maintained a significant place in Bitcoin's history. The country was home to Mt. Gox, once the world's largest Bitcoin exchange before its collapse following the infamous 2014 hack. Since then, Japanese regulators have gradually introduced one of the world's more structured frameworks for digital assets.
That regulatory environment continues to evolve. Japan's parliament recently approved amendments that classify cryptocurrencies as financial assets, subjecting the sector to tighter oversight while laying the legal foundation for future investment products such as spot Bitcoin exchange-traded funds.
According to local reports, the updated regulatory framework is expected to take effect within the next year. The changes could make Japan a more attractive market for institutional investors seeking regulated exposure to Bitcoin.
For Bitcoin Japan, the timing aligns with both a changing regulatory landscape and a growing corporate interest in holding Bitcoin as a treasury reserve. While market volatility remains a challenge, the company's latest financing signals confidence that digital assets will continue to play an increasingly important role in corporate balance sheets.