Bitcoin Japan started June with a burst of share issuance. The company said 32,000 of its first adjustable-price stock acquisition rights, effectively warrants, were exercised on June 1, producing 3.2 million new shares. That single-day exercise accounted for 22.78% of the 140,500 rights originally issued. After the exercise, 26,397 rights remained outstanding, equivalent to 2,639,700 shares.
In plain English, this was the moment financing capacity turned into stock. These rights were issued on Dec. 15, 2025 in a third-party allotment to Macquarie Bank Limited, and the June 1 row shows new shares being issued rather than treasury shares being transferred. The filing also cites a previously disclosed issued-share count of 67,850,648, including 3,396,257 treasury shares, as its reference point for the company’s capital structure.
The change in tempo is what makes the notice worth reading. In a separate monthly status filing covering May, Bitcoin Japan said there had been no warrant exercises during that month and no shares delivered, leaving 58,397 rights, or 5,839,700 shares, unexercised at May-end.
There is, however, a paperwork wrinkle. The bulk-exercise notice gives the previous month-end balance as 58,897 rights, or 5,889,700 shares, not 58,397. The two June 1 filings do not explain that discrepancy, so the safest supported takeaway is the narrow one: 3.2 million new shares were issued on June 1, and a further 2,639,700 shares can still be created if the remaining warrants are exercised.
The company’s June 1 update does not restate the full terms of the warrant program, instead pointing readers back to its original Nov. 28, 2025 issuance announcement. That leaves one obvious open question, namely how quickly the remaining rights may be exercised. On the disclosed numbers, the overhang is smaller than it was before June began, but it is plainly not gone.