Japanese nail salon companies are the latest in companies’ purchases of Bitcoin. The Tokyo-listed Convano has revealed plans to spend around 434 billion yen ($3 billion) to accumulate 21,000 BTC, equivalent to 0.1% of its total supply.
The group’s target said it would place it among the world’s largest Bitcoin holding companies.
Convano’s Bold Three-Phase Strategy
Convano has already raised 4.5 billion yen through corporate bonds and uses the funds to buy 365 BTC. Tayamajima, who leads the company’s Bitcoin Strategy Office, said that 2,000 BTC by the end of 2025, 10,000 BTC by August 2026 and 21,000 BTC by March 2027.
Source: Bitcoin Treasuries
The company’s shares have skyrocketed since the announcement. This inventory has grown by more than 220% in the past month, at an extraordinary 1,414% since the beginning of the year.
Investors appear to be treating Convano’s stock as a direct gateway to crypto exposure.
Convano was featured in Bloomberg. Thankfully, I feel that international recognition is gradually expanding. Our goal is clear. By March 2027, it will win 21,000 BTC and become one of the world’s leading Bitcoin holders. https://t.co/cLC1Ew6ZdA
— Higashi Taiyo | Director of Convano (6574) (@MotokiyoA) August 30, 2025
The weakness of the yen promotes the movement of the cryptography
The motivation behind this sudden pivot goes beyond chasing market hype. According to Azma, the persistent weakness of the yen against the dollar has pressured the wages and raw materials costs of Conbano’s core business.
The currency has lost about 20% of its value over the past decade. Bitcoin, claimed by Azuma, offers protection as a long-term storage of value during uncertain times.
“We started thinking about Bitcoin due to the persistent depreciation of yen and geopolitical risk,” he said.
Convano’s management also pointed to the benefits of crypto volatility and argued that price fluctuations allow for more accumulation opportunities and creates favorable conditions for growing the portfolio.
Experts raise questions about sustainability
Not everyone is sure the plan will continue. Matthew Sigel, head of digital assets research at Vaneck, warned that these types of financial strategies fall on “unstable ground.”
“Don’t you have any trouble when Bitcoin prices drop?”
I’m often asked in interviews, but in fact it’s actually “the opposite.”
Why is Convano happy when BTC prices drop?
1) If the price drops, you can accumulate more sheets
②The higher the volatility, the more income you earn
③ “Low rate x high volatility” is the best
④ Risk management in practice… pic.twitter.com/eihjn2xetv— Higashi Taiyo | Director of Convano (6574) (@MotokiyoA) August 15th, 2025
He pointed out that if a company stocks trade beyond the net value of its BTC holdings, issuing new shares will create a premium.
However, when the stock price approaches the actual value of Bitcoin ownership, the dilution begins. “It’s not capital formation, it’s erosion,” he said.
Cryptocurrency
Meanwhile, other Japanese companies are already deeply involved in the accumulation of Bitcoin. Metaplanet, a former hotel operator, has secured nearly 19,000 BTC and placed it in the top 10 global holders.
According to Bitcoin Treasuries, seven publicly listed companies in Japan are currently ranked among the 100 Bitcoin Holding Companies worldwide.
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