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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
07/19/2026

Bitcoin Japan’s $60M Raise: Only 7% Allocated to BTC, Stock Slides 27%

What happened: Bitcoin Japan Corp (TSE: 8105), formerly Marusho Hotta, announced a planned raise of up to 9.

Bitcoin Japan’s $60M Raise: Only 7% Allocated to BTC, Stock Slides 27%

What happened: Bitcoin Japan Corp (TSE: 8105), formerly Marusho Hotta, announced a planned raise of up to 9.66 billion yen (~$59.5M) via a zero-coupon convertible bond and warrants, with EVO Fund as the lead financier. Despite its rebranding, only 662 million yen (~$4.1M, or 7% of proceeds) is earmarked for actual bitcoin purchases; the majority will fund private equity, rare-earth mining in South Africa, and a Robot-as-a-Service business. The stock dropped 26.7% on the news, with potential dilution estimated at up to 110%.

Why it matters: The move highlights a growing trend of companies leveraging the bitcoin narrative for capital raises, while deploying most funds elsewhere. Market reaction was sharply negative, reflecting skepticism about dilution and the disconnect between branding and treasury strategy. The company’s prior raise in December 2025, which brought in 3.1 billion yen, went entirely to SpaceX and Figure AI investments—none to BTC. Bitcoin Japan’s CEO, installed by Bakkt International, stated that bitcoin holdings are "not a KPI."

Source: The Block