ASIAN STAR is trying to fund a fairly ambitious pivot. The Tokyo-listed property group says it will raise up to ¥439.0mn through a third-party share sale and warrants to bankroll a plan to put Japanese real estate on BNB Chain, with Hash Global joining as shareholder and strategic partner.
| Item | Key terms | Amount | Timing |
|---|---|---|---|
| New shares to Hash Global Alpha | 3,000,000 shares at ¥74 each | ¥222.0mn gross | July 21, 2026 |
| 10th warrants to Cyber.J Alpha and Sterling Oak | 29,200 rights, 2,920,000 potential shares, exercise price ¥74 | Up to ¥217.0mn gross | July 22, 2026 to July 22, 2031 |
| Phase-one use via ASIAN STAR Hong Kong | Investment in Hash Global Build And Build plus RWA proof-of-concept work | ¥219.0mn | July 2026 to March 2027 |
| Phase-two use via ASIAN STAR Hong Kong | RWA and on-chain finance infrastructure build-out | ¥213.0mn | May to December 2027 |
Hash Global Alpha Company Ltd. is taking 3,000,000 new shares at ¥74 each, bringing in ¥222.0mn on July 21. Two other investors, Cyber.J Alpha Limited and Sterling Oak Investment Company Ltd, are receiving 29,200 warrants, exercisable at ¥74 from July 22, 2026 to July 22, 2031, with up to ¥217.0mn of additional proceeds if fully exercised. ASIAN STAR says the share sale creates immediate dilution of 12.65 percent. It also acknowledges the second leg is less certain, because warrant cash arrives only if holders exercise and market conditions allow it.
The first-stage spending plan is unusually specific. Of the first ¥219.0mn, the company says ASIAN STAR Hong Kong will lead the Web3 and real-world asset, or RWA, work. That includes ¥160.0mn for an investment in Hash Global Build And Build Company Ltd., a Web3 and RWA company the filing says was set up by Hash Global Advisory, plus ¥59.0mn for platform fees, legal review, deal execution, structuring advice and KYC/AML systems for a property-tokenization proof of concept.
Management's pitch is that tokenizing Japanese property could widen distribution to Asian and global investors, lower ticket sizes and eventually connect the assets to on-chain finance. The supplementary slides go further, explicitly describing BNB Chain as the route and presenting the plan as a way to link Japanese real estate to global capital markets. Separately, the board approved stock options for directors and employees with exercise tied to clearing more than ¥220.0mn in operating profit in either the year to December 2026 or the year to December 2027, and to the company exceeding a ¥6.0bn market value, a reminder that the ambition is being written into the incentive plan as well.
The catch is that ASIAN STAR's own filing lists plenty of work before any product exists at scale: property selection, rights arrangements, legal, tax and accounting analysis, investor-protection design, sales channels and operating systems. Phase two is also only partly funded today. The company wants a further ¥213.0mn, from warrant exercises after May 2027, to build RWA infrastructure that could eventually be offered to other companies, and says it may need internal funds or bank borrowing if the warrants are not fully exercised.
There is one more credibility test. ASIAN STAR says an older warrant issue from July 2025 remained completely unexercised as of June 26, even though its original real-estate and asset-management uses were unchanged. So the disclosure does more than announce a Web3 property strategy: it shows a staged funding plan, a named partner and a long list of execution hurdles that still sit between a slide deck and an investable product.