Key Takeaways
- Convano is targeting 21,000 BTC by March 2027.
- Seven Japanese firms rank amongst the top 100 Bitcoin treasury companies.
- Convano’s stock has risen by 13% after revealing its BTC acquisition roadmap.
Japanese firms are increasingly turning to crypto as one of the nation’s nail salon chains, Convano, officially kicks off its Bitcoin (BTC) investment strategy.
Following in the footsteps of Metaplanet, a hotelier turned BTC bull, Convano is setting an acquisition target of 21,000 BTC within the next two years.
Nailed It
On July 17, 2024, it announced the establishment of its Bitcoin Holding Strategy Office, which was coupled with a 400 million JPY ($2.7 million) investment that bagged the firm 22.62 BTC.
Today, the firm owns 164.93 BTC worth roughly $18.8 million.
Now, Convano has outlined its yearly targets.
In a post to X, the Director of Convano’s BTC Holding Strategy Office, Taiyo Azuma, disclosed a three-phase plan that begins with reaching a 2,000 BTC target by the end of this year.
The portfolio should hold 10,000 BTC in August 2026, and Convano’s new goal is 21,000 BTC by the end of March 2027.
Convano, a Japanese firm best known for operating a chain of nail salons, is also a media/advertising firm that promotes nail tech and cosmetics throughout its network. It also manages several franchises.
Ultimately, the result has sent the firm’s stock skyrocketing, climbing 13.47% over the past 24 hours. An increase of 99% for the month.
Japan’s Bitcoin Appetite
Its bid echoes that of Metaplanet’s, which was once a struggling budget hotel firm before it began aggressively acquiring BTC.
Now, Metaplanet is one of Japan’s rising stars with 17,595 BTC, and a stock price that has grown by over 1,300% since the pivot in April 2024.
It joins an increasingly long line of private companies around the world now vying to secure a sizeable percentage of Bitcoin’s circulating supply.
There are now seven Japanese companies listed amongst the top 100 public firms holding BTC.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
