Key Takeaways
- Since launching its Bitcoin treasury strategy, Gyet Co. has accumulated 106.6536 BTC.
- The company is targeting a Bitcoin reserve of 1,000 BTC.
- Traditionally known for its clothing business, Mac House, Gyet Co. is expanding into digital assets and crypto mining.
Amid a major overhaul of its business, Japan’s Mac House, traditionally a clothing retailer, has rebranded as Gyet Co. and launched a Bitcoin treasury strategy.
Tallying its purchases so far on Sept. 26, the firm disclosed that it has bought 106.6536 BTC for 1.8 billion yen (~$12 million).
Gyet Co.’s Strategic Vision
Mac House initially revealed plans to invest in Bitcoin in July as part of its evolving business strategy and brand restructuring.
The new name reflects Gyet Co.’s expanded business remit, with Mac House existing as a subsidiary brand under a larger investment and holding company.
Long-term, the company plans to accumulate 1,000 BTC—an ambitious target valued at over $100 million, as of Sept. 26.
While its initial focus has been on Bitcoin, Gyet Co.’s strategy allows for the inclusion of other crypto assets, as well as yield opportunities based on lending and staking.
Other growth opportunities highlighted by the new strategy include AI, crypto mining, venture investments, mergers and acquisitions.
In August, Gyet Co. partnered with Zero Field to develop a dual-revenue data center business for generative AI and cryptocurrency mining.
The company also plans to introduce Bitcoin payments to its online and physical stores, and is exploring ideas such as cryptocurrency rewards and NFT products.
Stock Market Reaction
Upon the initial announcement of Gyet Co.’s business strategy and subsequent fundraising, the company’s share price jumped 365% in a week.
While the stock has cooled since then, it continues to trade at more than twice its value pre-Bitcoin strategy, suggesting that investors are broadly optimistic about the business pivot.
Bitcoin Treasury Investing in Japan
Since NEXON added $100 million worth of Bitcoin to its balance sheet in 2021, the Tokyo Stock Exchange has emerged as a hotbed for public market crypto investing, with companies like Metaplanet, Remixpoint, ANAP Holdings, and Convano jumping on the Bitcoin treasury bandwagon.
Among the growing roster of Japanese firms that invest in Bitcoin, Metaplanet stands out as the most aggressive. In just over a year, the hotel operator has accumulated 25,555 BTC worth over $2.8 billion, making it the fifth-largest corporate BTC holder in the world.
James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
