Latest Tokyo Brief coverage on Bitcoin Japan Corporation, tracking filings, financial news, and market signals from Japan.
TSE:8105
A Cayman Islands fund sold shares on the Tokyo market through August, but the warrants and convertible bonds it still holds could substantially enlarge Bitcoin Japan's outstanding share count if exercised.
BitcoinJPN, the company formerly known as textile wholesaler Marusho Hotta, is issuing convertible bonds and warrants to EVO Fund worth up to ¥9.7bn, with a conversion price that resets every two trading days and no ceiling, to fund a rare-earth mine, a robot-rental unit and more bitcoin after its first warrant round this year raised barely half its target.
Bitcoin Japan wants shareholders on June 29 to keep CEO Phillip Lord in place, add Masato Mori and three outside directors, and approve a revamped long-term incentive package built around revised RSUs, new PSUs and paid stock options. The package comes with multi-year transfer restrictions, malus and clawback terms, and stepped share-price hurdles, while the company also wants more flexibility to expand into new business lines and set up a Singapore subsidiary for AI infrastructure investments. Shareholders are being asked to approve a framework first and the finer points later.
On June 1, 32,000 first adjustable-price warrants were exercised, creating 3.2 million new shares and using 22.78% of the original issue. After that burst, 26,397 warrants remained outstanding, equivalent to 2,639,700 shares, though the company's separate May status notice shows a different month-end balance and leaves the paperwork looking untidier than investors would prefer.