Tokyo-listed Bitcoin Japan board approves up to $1M BTC purchase

Tokyo Stock Exchange-listed Bitcoin Japan, formerly Hotamaru Sho, has approved the launch of a Bitcoin treasury business as a new line of business and plans to buy up to $1 million worth of BTC as its first investment, CoinPost reported. Bitcoin Japan’s board approved the plan at meetings held on Sept. 17-18. The purchase will be carried out through Cayman Islands-based subsidiary BTC JPN Ltd., using part of the 1.5 billion yen raised through convertible bond-type bonds with stock acquisition rights issued in July. The company is also considering generating returns through BTC lending and derivatives under a risk management framework. Note: Bitcoin Japan Corporation is a separate legal entity from Bitcoin Japan Inc., a subsidiary of Metaplanet, the world’s third-largest corporate BTC holder.