A nail salon company in Japan has become the latest name in corporate Bitcoin buying. Convano, listed in Tokyo, has revealed plans to spend about ¥434 billion ($3 billion) to accumulate 21,000 BTC, equal to 0.1% of the total supply.
Reports said the group’s target would put it among the world’s largest Bitcoin-holding firms.
Convano’s Bold Three-Phase Strategy
Convano has already raised ¥4.5 billion through corporate bonds and used the funds to purchase 365 BTC. Taiyo Azuma, who leads the company’s Bitcoin strategy office, said the goal is clear: 2,000 BTC by the end of 2025, 10,000 BTC by August 2026, and 21,000 BTC by March 2027.
Shares of the company have soared since the announcement. The stock is up over 220% in the past month and an extraordinary 1,414% since the start of the year.
Investors appear to be treating Convano’s stock as a direct gateway to crypto exposure, a pattern seen before with other public companies tied to crypto.
コンヴァノがブルームバーグに取り上げられました。ありがたいことに、徐々に国際的な認知が広がっているのを感じています。私たちの目標は明確。2027年3月までに「21,000 BTC」を獲得し、世界有数のビットコイン保有企業になることです。 https://t.co/cLC1Ew6ZdA
— 東 大陽 | コンヴァノ取締役（6574） (@MotokiyoA) August 30, 2025
Yen Weakness Drives Crypto Move
The motivation behind this sudden pivot goes beyond chasing market hype. According to Azuma, the persistent weakness of the yen against the dollar has pressured wages and raw material costs for Convano’s core business.
The currency has lost around 20% of its value over the past decade. Bitcoin, Azuma argued, offers protection as a long-term store of value during uncertain times.
“We started to think about Bitcoin because of persistent yen depreciation and geopolitical risks,” he said.
Convano’s management also pointed to the benefit of crypto volatility, claiming that price swings allow for more accumulation opportunities while also creating favorable conditions to grow the portfolio.
Experts Raise Questions On Sustainability
Not everyone is convinced the plan can last. Matthew Sigel, head of digital assets research at VanEck, warned that these kinds of treasury strategies rest on “shaky ground.”
「ビットコインの価格が下がると困りませんか？」
取材でよく聞かれますが実は”むしろ逆”です。
なぜコンヴァノはBTCの価格が下がると嬉しいのか、
①価格が下がると枚数を多く積める
②ボラティリティが高いほど収入が増える
③「低レート×高ボラティリティ」が最適
④実務ではリスクを管理… pic.twitter.com/EIHJN2XetV— 東 大陽 | コンヴァノ取締役（6574） (@MotokiyoA) August 15, 2025
He pointed out that when company stocks trade above the net value of their BTC holdings, issuing new shares creates premiums.
But once stock prices fall closer to the actual value of Bitcoin owned, dilution sets in. “That is not capital formation. It is erosion,” he said.
Crypto Accumulation
Meanwhile, other Japanese firms are already deep in Bitcoin accumulation. Metaplanet, once a hotel operator, has secured nearly 19,000 BTC, placing it among the top 10 global holders.
According to Bitcoin Treasuries, seven publicly listed firms in Japan now rank among the 100 largest Bitcoin-holding companies worldwide.
Featured image from Unsplash, chart from TradingView