Another One: Japan’s Kitabo Turns to Bitcoin for Treasury Reserves
Main Idea
Kitabo Co., Ltd. announced it will start accumulating Bitcoin via dollar-cost averaging (DCA) with a planned purchase of ¥800 million ($5.4 million) worth of BTC, marking its full-scale entry into the cryptocurrency and real-world asset business.
Key Points
1. Kitabo Co., Ltd. plans to purchase ¥800 million ($5.4 million) worth of Bitcoin using a dollar-cost averaging (DCA) strategy.
2. The company stated this move signifies its full-scale entry into the cryptocurrency and real-world asset business.
3. Kitabo has been facing financial struggles, reporting an annual net loss of ¥115.6 million ($785,000) in fiscal 2024.
4. The company joins other Asian firms that have adopted Bitcoin as part of their treasury strategy.
5. Other notable companies holding Bitcoin include Trump Media & Technology Group (18,430 BTC), Galaxy Digital Holdings (12,830 BTC), and Nexon (1,717 BTC).
Description
The manufacturing firm has turned to the asset, adopting the treasury model, citing steep financial losses. It has joined the rising list of Japanese companies adopting this strategy, contributing to the billions of dollars already invested in bitcoin within the country. Changing Strategies Kitabo Co., Ltd, a company that engages in the production and sale of synthetic fiber spun yarns listed on the Tokyo Stock Exchange, announced on Tuesday that it will start accumulating Bitcoin via dollar-cos...
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