Tokyo, Japan – Convano Inc., once best known for its chain of nail salons across Tokyo, is making a dramatic shift that’s capturing global attention: the company is positioning itself to become one of the world’s largest corporate holders of Bitcoin.
The firm has unveiled plans to raise approximately ¥434 billion (about $3 billion) to acquire 21,000 Bitcoin—roughly 0.1% of the total supply. Despite its modest market value compared to this ambitious target, Convano’s stock price has more than doubled since announcing its crypto-focused strategy.
As of August 25, Convano had secured about 2% of its funding goal and currently holds 365 Bitcoin. To scale its holdings, the company is following a playbook seen among high-profile Bitcoin advocates: spark investor interest, increase share value, and channel new capital into further Bitcoin purchases.
“We will enhance corporate value with the new plan which will increase our stock price 10 times,” said Motokiyo Azuma, a Convano director overseeing finance and crypto strategy.
The company’s pivot is also tied to broader economic concerns. With the Japanese yen losing around 21% of its value against the U.S. dollar over the past decade and rising costs squeezing its beauty business, executives are looking to Bitcoin as a potential long-term hedge. “We started to think about Bitcoin because of the persistent yen depreciation and geopolitical risks,” Azuma explained.
So far, Convano has raised ¥4.5 billion, primarily through corporate bonds, and plans to acquire Bitcoin in three phases with Nomura Securities and SMBC Nikko Securities acting as brokers. However, the company has not disclosed major investors or set a firm timeline for completing its fundraising.
Japan is becoming a surprising hub for corporate Bitcoin accumulation. Metaplanet Inc., another firm that reinvented itself—transitioning from hotels to crypto—has already amassed nearly 19,000 Bitcoin, ranking it among the largest corporate holders globally.
Still, risks loom large. The volatility of cryptocurrencies has led other companies to mixed outcomes, with valuations swinging wildly depending on market sentiment. Analysts warn that if Convano’s stock momentum fades, its entire funding model could be jeopardized.
Japan’s strict crypto tax regulations could make companies like Convano an appealing proxy for investors seeking Bitcoin exposure without directly purchasing the asset. Even so, whether Convano can deliver on its bold vision remains an open question.
