The latest purchase, finalized at an average price of 12.7 million yen per coin, brings the firm’s total average acquisition cost to 15.3 million yen per Bitcoin. Despite this expansion, the company’s Bitcoin income business generated 1.747 billion yen in the second quarter of fiscal year 2026, dropping significantly from the 2.969 billion yen reported in the first quarter. This volatility in earnings comes as the firm’s stock price hovers near its 52-week low, drawing investor attention to the company’s net asset value and treasury strategy.
Management maintains a long-term goal of holding 210,000 BTC by the end of 2027, representing approximately 1% of the total Bitcoin supply. To support this objective, CEO Simon Gerovich has indicated that common share buybacks remain an option should the company's market valuation fall below the value of its underlying Bitcoin assets. Beyond direct accumulation, the firm is pivoting toward infrastructure, exemplified by the 2.1 billion yen acquisition of Siiibo Securities. Set to close on July 13, this deal marks the inaugural step of Project Nova, an initiative aimed at establishing a comprehensive Bitcoin-focused financial services ecosystem in Japan.
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