In a surprising twist for the cryptocurrency world, a Japanese company traditionally associated with beauty is making headlines for its ambitious Bitcoin acquisition strategy. Convano, a publicly traded nail salon chain, plans to invest around ¥434 billion (approximately $3 billion) to acquire a substantial portion of Bitcoin, targeting 21,000 BTC, which represents about 0.1% of Bitcoin’s total circulation.
Recent articles indicate that this endeavor positions Convano among the elite of Bitcoin-holding corporations globally.
Convano’s Strategic Bitcoin Acquisition Plan
Convano is embarking on a well-structured three-phase strategy to accomplish its Bitcoin holdings goal. The company has successfully raised ¥4.5 billion through corporate bonds and has already procured 365 BTC. According to Taiyo Azuma, who oversees the company’s Bitcoin initiatives, the roadmap is clear: accumulate 2,000 BTC by the end of 2025, ramp up to 10,000 BTC by August 2026, and ultimately secure 21,000 BTC by March 2027.
This bullish move has ignited investor interest, with Convano’s shares soaring over 220% in just a month and an incredible 1,414% since the start of the year. The market seems to view Convano’s stock as a direct investment vehicle into the world of cryptocurrency.
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。
— 東 大陽 | コンヴァノ取締役（6574） (@MotokiyoA) August 30, 2025
Impact of Yen Depreciation on Investment Choices
The rationale behind Convano’s pivot to Bitcoin is rooted in economic realities. With the Japanese yen experiencing consistent declines against the US dollar, this currency fluctuation has adversely affected salaries and costs in the company’s core operations. Over the past decade, the yen has depreciated by approximately 20%. Azuma contends that Bitcoin serves as a viable long-term hedge against such currency vulnerabilities.
“Our exploration into Bitcoin was driven by the yen’s depreciation and the geopolitical landscape,” Azuma remarked.
Convano’s leadership highlights the benefits of crypto market volatility, suggesting that these price fluctuations open up avenues for increased accumulation, thereby enhancing the company’s overall asset portfolio.
Critics Voice Concerns Over Sustainability
Despite the enthusiasm, skepticism exists regarding the sustainability of this Bitcoin strategy. Matthew Sigel, head of digital assets research at VanEck, cautions that such treasury strategies may be on “fragile grounds.”
「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
Sigel emphasizes that if company shares trade above the net value of their Bitcoin holdings, issuing new shares can create premiums. However, increased stock prices reaching closer to the actual Bitcoin value can result in dilution, which is detrimental rather than productive.
Growing Trend in Japan’s Bitcoin Surge
As Convano aims for Bitcoin accumulation, it joins a growing list of Japanese firms diving into cryptocurrency. Notably, Metaplanet, a former hotel operator, has amassed nearly 19,000 BTC, placing it among the top global holders. Currently, seven publicly traded companies in Japan rank among the world’s 100 largest Bitcoin holders.
Image sourced from Unsplash; chart data from TradingView
