A nail salon company in Japan has become the latest name in corporate Bitcoin buying. Convano, listed in Tokyo, has revealed plans to spend about ¥434 billion ($3 billion) to accumulate 21,000 BTC, equal to 0.1% of the total supply.
Shares of the company have soared since the announcement. The stock is up over 220% in the past month and an extraordinary 1,414% since the start of the year.
Investors appear to be treating Convano’s stock as a direct gateway to crypto exposure, a pattern seen before with other public companies tied to crypto.
The currency has lost around 20% of its value over the past decade. Bitcoin, Azuma argued, offers protection as a long-term store of value during uncertain times.
“We started to think about Bitcoin because of persistent yen depreciation and geopolitical risks,” he said.
Convano’s management also pointed to the benefit of crypto volatility, claiming that price swings allow for more accumulation opportunities while also creating favorable conditions to grow the portfolio.
Not everyone is convinced the plan can last. Matthew Sigel, head of digital assets research at VanEck, warned that these kinds of treasury strategies rest on “shaky ground.”
「ビットコインの価格が下がると困りませんか？」
取材でよく聞かれますが実は”むしろ逆”です。
なぜコンヴァノはBTCの価格が下がると嬉しいのか、
He pointed out that when company stocks trade above the net value of their BTC holdings, issuing new shares creates premiums.
But once stock prices fall closer to the actual value of Bitcoin owned, dilution sets in. “That is not capital formation. It is erosion,” he said.
According to Bitcoin Treasuries, seven publicly listed firms in Japan now rank among the 100 largest Bitcoin-holding companies worldwide.
Featured image from Unsplash, chart from TradingView
