Japanese Nail Salon Convano Aims for $3B in Bitcoin
Japanese Nail Salon Targets $3 Billion in Bitcoin Holdings
Convano, a Tokyo-listed nail salon company, has announced ambitious plans to accumulate approximately ¥434 billion ($3 billion) worth of Bitcoin. This target of 21,000 BTC represents roughly 0.1% of the total Bitcoin supply.
The company's stated goal would position it among the largest corporate Bitcoin holders globally.
Convano's Three-Phase Bitcoin Acquisition Strategy
Convano has already raised ¥4.5 billion through corporate bonds and used these funds to purchase an initial 365 BTC. Taiyo Azuma, head of Convano’s Bitcoin strategy office, outlined a phased approach:
- End of 2025: 2,000 BTC
- August 2026: 10,000 BTC
- March 2027: 21,000 BTC
Stock Surge Reflects Investor Enthusiasm
Since the announcement, Convano's stock price has experienced significant growth, rising over 220% in the past month and an impressive 1,414% since the beginning of the year. This surge suggests investors are viewing the company's stock as a proxy for Bitcoin exposure.
Yen Depreciation as a Catalyst
According to Azuma, the decision to invest in Bitcoin is driven by the persistent weakness of the Japanese yen. The currency's decline has increased costs for Convano's core business. Bitcoin is seen as a potential hedge against currency devaluation and a long-term store of value. The company also believes Bitcoin's price volatility presents opportunities for accumulating more holdings and growing their portfolio.
Azuma stated, “We started to think about Bitcoin because of persistent yen depreciation and geopolitical risks.”
Expert Skepticism Regarding Sustainability
Matthew Sigel, head of digital assets research at VanEck, has expressed concerns about the sustainability of such treasury strategies. He argues that these approaches can be unsustainable if the company's stock price falls closer to the actual value of its Bitcoin holdings, leading to dilution.
Japan's Growing Corporate Bitcoin Adoption
Convano is not alone in its Bitcoin adoption strategy. Metaplanet, formerly a hotel operator, holds nearly 19,000 BTC, making it a top global holder. Currently, seven publicly listed Japanese firms rank among the world's 100 largest Bitcoin-holding companies.