Japanese Nail Salon Corporation Convano Plans to Acquire $3 Billion in Exchange for 21,000 Bitcoins

Convano Inc. Announces Ambitious Bitcoin Acquisition Plan

In a move that underscores the growing interest in cryptocurrencies among traditional businesses, Convano Inc., a Tokyo-listed company previously known for operating nail salons, has announced plans to raise approximately ¥434 billion ($3 billion) to acquire about 21,000 Bitcoin.

The news, revealed by Convano's Director in Charge of Finance and Crypto Strategies, Motokiyo Azuma, states that the new Bitcoin acquisition plan aims to increase Convano's stock price 10 times. The company is using its fundraising efforts to attract investors and lift its stock price, which will then be used to purchase Bitcoin.

The acquisition of Bitcoin by Convano will be carried out in three phases: 2,000 BTC by the end of 2025, 10,000 BTC by August 2026, and 21,000 BTC by March 2027. As of August 25, Convano had raised just 2% of the required funds and held 365 Bitcoin.

Motokiyo Azuma also mentioned that Convano began considering Bitcoin due to the ongoing depreciation of the yen and geopolitical risks. Many companies are currently adopting a strong Bitcoin strategy and moving into the crypto space, and Convano is one of them. The company's Bitcoin acquisition strategy is similar to that of Michael Saylor.

In addition to its Bitcoin acquisition plans, Convano is planning to create a yen-pegged stablecoin in cooperation with cryptocurrency exchange FINX JCrypto. The company has applied to the Financial Services Agency (FSA) of Japan to issue the stablecoin. Convano aims to become the issuer of the stablecoin by 2027, subject to obtaining various regulatory approvals.

It is worth noting that Convano's stablecoin project is separate from its Bitcoin acquisition strategy. An X post by user 'dimensional_yk' suggests that Convano's Bitcoin acquisition plans are part of a larger strategic move to leverage the current lower acquisition costs to achieve its goal of holding 21,000 BTC.

However, the stock market seems to be less enthusiastic about Convano's plans. On August 29, Tokyo-listed Convano Inc. closed at ¥289, down 6.7% to ¥21 for the day. Whether this dip is a temporary setback or a sign of long-term uncertainty remains to be seen.

Despite the current market fluctuations, Convano's ambitious Bitcoin acquisition plans mark a significant step forward in the adoption of cryptocurrencies by traditional businesses. As more companies follow suit, the crypto space is expected to continue its rapid growth and evolution.

Japanese Nail Salon Corporation Convano Plans to Acquire $3 Billion in Exchange for 21,000 Bitcoins