**Convano Inc. Aims to Become Major Bitcoin Holder Amid Market Shifts**
Convano Inc., previously a low-profile operator of nail salons listed in Tokyo, is making a bold move to transform into one of the largest corporate holders of Bitcoin. This shift is part of a broader trend where various sectors, including biotech firms and regional banks, are venturing into the cryptocurrency space. Despite indications that the digital asset treasury trend may be slowing, Convano has announced an ambitious plan to raise approximately ¥434 billion to acquire 21,000 Bitcoin, which would represent 0.1% of the total Bitcoin supply. At the time of the announcement, the company’s market value was significantly lower than the amount it aims to raise, but its shares have since more than doubled.
As of August 25, Convano has only secured 2% of the necessary funds and currently holds a modest 365 Bitcoin. To achieve its goals, the company is adopting a strategy similar to that of Michael Saylor, focusing on generating interest from both retail and institutional investors, boosting its share price, and leveraging that momentum to fund further Bitcoin acquisitions. “We will enhance corporate value with the new plan which will increase our stock price 10 times,” stated Motokiyo Azuma, a director at Convano overseeing finance and crypto strategies.
In the rapidly evolving world of cryptocurrency, setting ambitious targets—even those that exceed current capabilities—serves a strategic purpose. These bold aspirations help to shape market expectations, attract attention, and potentially influence market dynamics favorably. Convano is also framing its pivot as a logical response to ongoing macroeconomic challenges. The yen’s prolonged depreciation—approximately 21% weaker against the dollar over the past decade—has increased costs for wages and raw materials in its consumer services sector. “We started to think about Bitcoin because of the persistent yen depreciation and geopolitical risks,” Azuma explained. “Bitcoin is a long-term store of value.”
To date, Convano has raised ¥4.5 billion through corporate bonds and plans to acquire Bitcoin in three phases, assuming an average price of ¥19.9 million per coin. Nomura Securities and SMBC Nikko Securities are serving as brokers for this initiative. However, the company has not disclosed any anchor investors or a timeline for completing its fundraising efforts.
Japan has emerged as an unexpected hub for companies accumulating Bitcoin through public listings. For instance, Metaplanet Inc., a former hotel operator, now holds nearly 19,000 Bitcoin, ranking it among the top 10 global holders. However, the risk remains that the momentum behind crypto treasuries could falter. Various PIPE and SPAC deals have transformed numerous low-growth companies into crypto proxies, but results have been inconsistent. For example, Ethzilla, backed by Peter Thiel, saw its value plummet by more than half shortly after pivoting to become an Ether accumulator. “You can’t limp in,” cautioned Michael Bucella, co-founder of Neoclassic Capital, a crypto investment firm. “You need to come in with size.”
In conclusion, Convano Inc.’s ambitious plans to acquire Bitcoin reflect a significant shift in strategy, driven by both market opportunities and economic pressures. As the company navigates this transition, its success will depend on its ability to attract investment and execute its plans effectively.
**FAQ**
**What is Convano Inc.’s plan for Bitcoin acquisition?**
Convano Inc. aims to raise approximately ¥434 billion to acquire 21,000 Bitcoin, representing 0.1% of the total supply, as part of its strategic pivot into the cryptocurrency market.