The Japanese listed game company exited its Bitcoin position at a total loss of about ¥24.7 million and plans to redeploy capital into a Solana-focused treasury strategy built around staking and validator operations.
Japanese game company enish sold all 8.063 BTC it held for about ¥79.27 million, exiting a position it had built in April 2025 for roughly ¥104 million and locking in a total round-trip loss of about ¥24.7 million. The company said only about ¥6.22 million of that will hit the current quarter as a non-operating expense because earlier quarterly revaluations had already absorbed the rest. The sale marks a shift away from a Bitcoin strategy centered on price appreciation toward what enish describes as DAT 2.0, a model aimed at generating recurring income through staking rewards and validator operations in the Solana ecosystem. Enish plans to use proceeds from the Bitcoin sale and from a warrant and bond issuance on April 27 for its ¥720 million Active Treasury project, which Sandmark said is centered on Solana and targets annual staking yields of 6% to 8%. The move comes as some listed companies reassess Bitcoin treasury strategies after Strategy disclosed it sold 32 BTC for tax-loss purposes and as Metaplanet's mNAV fell to 0.90, even as U.S.-listed spot Bitcoin ETFs have attracted more than $45 billion in net inflows and Strategy still holds 843,706 BTC.