A company called Bitcoin Japan just raised roughly $60 million. It plans to spend about $4 million of that on Bitcoin. The rest goes to private equity, rare-earth mining, and robotics.
That’s a 7% allocation to the asset in its own name, which is a bit like opening a pizzeria and dedicating one shelf to frozen pies while the rest of the building houses a car wash.
The deal and the dilution problem
Bitcoin Japan Corporation, listed on the Tokyo Stock Exchange under ticker 8105, announced on July 17 that it had secured approximately ¥9.7 billion, or nearly $60 million, through the issuance of unsecured convertible bonds and stock acquisition rights. The sole subscriber is EVO Fund, a Cayman Islands-based entity with a track record of backing Bitcoin accumulation strategies in public markets.
Of the total haul, roughly ¥662 million (about $4 million) is earmarked for the company’s inaugural Bitcoin purchase. The company currently holds zero Bitcoin. This would be its first.
