According to Woofun AI, the Japanese listed company Bitcoin Japan has completed the latest round of digital asset accumulation, boosting its total Bitcoin holdings to 17.8035, marking a substantial step in the transformation of this century-old company into the Web3 sector.
The increase in holdings was carried out by the Cayman Islands-based subsidiary BTC JPN Ltd., and completed on October 7. The purchase volume was 5.8847 pieces, and the average unit price was $84,706.34.
Notably, this was only the company's second purchase in nine days; as early as September 28, it purchased 11.9188 bitcoins at a price of $83,857.43 each. According to data compiled by Woofun AI, the cumulative investment in these two transactions was about $1.5 million, which locked the weighted average cost of the company's entire Bitcoin reserves at $84,138 each. For the company, whose stock code is 8105, it has now consumed about one-third of the 662 million yen digital asset reserve budget approved by the board of directors. The regulatory documents clearly state that the scale of subsequent procurement will strictly depend on cash reserves and market conditions.
Furthermore, management announced that the market value of Bitcoin holdings will be calculated at the end of each fiscal quarter, which means that quarterly financial reports will directly reflect the volatility of the spot market, and financial transparency and risk exposure will increase simultaneously.
Looking at it from an industry benchmarking perspective, Bitcoin Japan's digital asset reserves are still far below the industry's benchmark. Metaplanet Inc. held 44,000 bitcoins on its balance sheet at the end of September 2026, with a market capitalization of 387 billion yen, while Bitcoin Japan's market capitalization was only 4.6 billion yen, a huge gap between the two. The company, founded in 1861, was initially known as Marusho Hotta Co., Ltd., and has long been involved in the wholesale textile and traditional kimono manufacturing business.
The shift in strategy began in August 2025, when US-based Bakkt Holdings (BKKT.US) acquired approximately 30% of RIZAP Group's shares, which prompted the company to change its name and officially change its name to Bitcoin Japan Corporation on November 25, 2025. In July 2026, the company reached a financing agreement with EVO Fund involving a total of 9.66 billion yen of zero-interest convertible bonds and stock warrants.
Of the funds that can be raised by the program, only 7%, or 662 million yen, was used to directly purchase Bitcoin, while the rest was allocated to robot-as-a-service projects, mining operations in South Africa, and private equity investments. The design of these debt instruments also includes a mechanism to adjust conversion prices. According to documents submitted in July 2026, if the convertible bonds are converted at the lowest price stipulated in the contract, the number of newly issued shares may reach 110% of the existing share capital, which will significantly dilute the original shareholders' equity.
The plight of traditional businesses is a deep driver of this radical transformation. In the fiscal quarter ending March 2026, the company's revenue was 2.96 billion yen, but the net loss reached 538 million yen. Faced with ongoing commercial pressure, the company announced the closure of 15 underperforming department stores at the end of September 2026, resulting in an additional loss of 210 million yen. With the establishment of 17.80 Bitcoin holdings and the impact of debt swaps carried out before October, the upcoming quarterly earnings report will be a key point in testing the effectiveness of its transformation, and the market will pay close attention to how these new assets hedge against the risk of recession in traditional businesses.