Tokyo-listed company funded by EVO Fund said most proceeds will go to private equity, rare-earth mining and robotics, while potential dilution of 95% to 110% weighed on investor sentiment.
Bitcoin Japan Corporation said it secured approximately ¥9.7 billion, or nearly $60 million, through unsecured convertible bonds and stock acquisition rights, with EVO Fund as the sole subscriber. The Tokyo Stock Exchange-listed company plans to use roughly ¥662 million, or about $4 million, for its first Bitcoin purchase, while directing most of the capital to private equity, rare-earth mining and robotics ventures. Investors focused on the financing structure because convertible bonds and stock acquisition rights can turn into new shares, raising the risk of dilution. The estimated dilution rate of 95% to 110% is unusually large, and the stock fell after the disclosure. Formerly Marusho Hotta Co., Ltd., the company rebranded in November 2025 as part of a shift toward a Bitcoin treasury model, but it currently holds no Bitcoin.