🚨 The company "Bitcoin Japan" adopted a Bitcoin treasury strategy last year. It has still not purchased a single $BTC—and that is about to change. The Tokyo-listed company has approved a fundraising of approximately $59.5 million with EVO Fund. Of this total, only $4.1 million will be allocated to its first Bitcoin purchase, roughly 7%. Bitcoin purchasing ranks fourth in priority, behind venture capital, a rare earths mine, and robotics. The Bitcoin purchase will occur only if EVO Fund exercises enough warrants to first fund the remaining initiatives. “Holding Bitcoin is not a KPI,” the company wrote. The market reacted negatively: the stock plunged 26.7% on Friday after the announcement that the structure could create up to 110% additional shares.
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