Worth reading
68In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
2203
¥ million (year-on-year increase in revenue)Wording
Avoiding a definitive answer
How definitive the wording is.Contents of this document
Earnings presentationFirst quarter of the fiscal year ending December 20269 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥3,080 million+251.1%
Operating profit¥2,267 million+282.5%
Ordinary income¥-114,928 million
Net income¥-114,493 million
Selling, general and administrative expenses¥795.3 million
Gross Profit Margin99.4%; year-on-year change: not disclosed
Operating profit margin73.6%; year-on-year change: not disclosed
Results for the three months of the current quarterRevenue: ¥3,080 million; operating profit: ¥2,267 million; ordinary loss: ¥114,928 million; net loss for the quarter: ¥114,493 million
Full-year earnings forecast
Net Sales
¥16,000 million
Operating profit
¥11,400 million
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。
Net Sales19.2%
Operating profit19.8%
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- BTC acquisition cost¥65.2 billion
- Valuation loss¥-116.3 billion
- Foreign exchange adjustment¥5.3 billion
- Underlying BTC NAV for the fiscal year ended March 2026¥435.7 billion
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
The materials state that accurately forecasting future value is difficult because of Bitcoin price volatility. Specific numerical assumptions: not disclosedNew initiatives
- Development of a Bitcoin platform for Japanese institutional investors
- Plans to offer Bitcoin-related securities and funds
- Collaboration with financial institutions specializing in Bitcoin-backed lending
- Investment in Bitcoin-related companies and technologies
- Development of infrastructure for custody, Bitcoin collateral management, stablecoins and payments
Key KPIsA metric the company considers important as a management benchmark.
- Bitcoin holdings40,177 BTC
- Shareholders250,029 peopleYear on year against the same period last yearApproximately 3.93x year on year
- BTC yield2.8 %; quarter on quarter
- BTC gain997 BTC; quarter on quarter
- BTC gain in yen¥10,583 million; quarter on quarter
- mNAV
Unit price and quantity metricsThese figures show sales broken down by price and volume.
BTC acquired: 5,075 BTC; weighted-average acquisition price: ¥12,540,793/BTC; income business contribution: ¥585,080/BTC; underlying net acquisition price: ¥11,955,713/BTC; quarterly VWAP: ¥11,869,387/BTCSegment results
Bitcoin-Related Business
Net Sales
¥2,983.7 million
Operating profit
¥2,825 million
Hotel Business
Net Sales
¥96.2 million
Operating profit
¥30.6 million
Corporate and other
Operating profit
¥-588.2 million
Financial targets
Equity ratio
Actual results86.2 %
Market Size / Share
Approximately 87% of all BTC held by Japanese listed companies; the world's third-largest listed company by BTC holdingsAcquisition of treasury shares
Share repurchases are described as an option under the capital allocation policy, but the repurchase limit, number of shares and period are not disclosed| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | First quarter of the fiscal year ending December 2026 |
| Net Sales | ¥3,080 million (YoY +251.1%) |
| Operating profit | ¥2,267 million (YoY +282.5%) |
| Ordinary income | ¥-114,928 million |
| Net income | ¥-114,493 million |
| Gross Profit Margin | 99.4%; year-on-year change: not disclosed |
| Operating profit margin | 73.6%; year-on-year change: not disclosed |
| Selling, general and administrative expenses | ¥795.3 million |
| Results for the three months of the current quarter | Revenue: ¥3,080 million; operating profit: ¥2,267 million; ordinary loss: ¥114,928 million; net loss for the quarter: ¥114,493 million |
| Full-year earnings forecast | Net Sales ¥16,000 million / Operating profit ¥11,400 million / Ordinary income Not disclosed / Net income Not disclosed |
| Progress against full-year forecast | Net Sales 19.2% / Operating profit 19.8% |
| Segment results | Bitcoin-Related Business Net Sales ¥2,983.7 million / Operating profit ¥2,825 million / Year on year against the same period last year Not disclosed / Hotel Business Net Sales ¥96.2 million / Operating profit ¥30.6 million / Year on year against the same period last year Not disclosed / Corporate and other Net Sales Not disclosed / Operating profit ¥-588.2 million / Year on year against the same period last year Not disclosed |
| Breakdown of Factors Affecting the Change | Factors BTC acquisition cost / Amount ¥65.2 billion, Factors Valuation loss / Amount ¥-116.3 billion, Factors Foreign exchange adjustment / Amount ¥5.3 billion, Factors Underlying BTC NAV for the fiscal year ended March 2026 / Amount ¥435.7 billion |
| Key KPIs | Indicator name Bitcoin holdings / Value 40,177 BTC / Year on year against the same period last year Not disclosed, Indicator name Shareholders / Value 250,029 people / Year on year against the same period last year Approximately 3.93x year on year, Indicator name BTC yield / Value 2.8 %; quarter on quarter / Year on year against the same period last year Not disclosed, Indicator name BTC gain / Value 997 BTC; quarter on quarter / Year on year against the same period last year Not disclosed, Indicator name BTC gain in yen / Value ¥10,583 million; quarter on quarter / Year on year against the same period last year Not disclosed, Indicator name mNAV / Value Not disclosed / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | BTC acquired: 5,075 BTC; weighted-average acquisition price: ¥12,540,793/BTC; income business contribution: ¥585,080/BTC; underlying net acquisition price: ¥11,955,713/BTC; quarterly VWAP: ¥11,869,387/BTC |
| Assumptions Underlying the Business Outlook | The materials state that accurately forecasting future value is difficult because of Bitcoin price volatility. Specific numerical assumptions: not disclosed |
| Financial targets | Equity ratio Actual results 86.2 % / Target Not disclosed |
| Acquisition of treasury shares | Share repurchases are described as an option under the capital allocation policy, but the repurchase limit, number of shares and period are not disclosed |
| Market Size / Share | Approximately 87% of all BTC held by Japanese listed companies; the world's third-largest listed company by BTC holdings |
| New initiatives | Development of a Bitcoin platform for Japanese institutional investors, Plans to offer Bitcoin-related securities and funds, Collaboration with financial institutions specializing in Bitcoin-backed lending, Investment in Bitcoin-related companies and technologies, Development of infrastructure for custody, Bitcoin collateral management, stablecoins and payments |
Items this document does not state (10)
Self-assessment against the planNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookMedium-term management plan targetsAnnual DividendPayout ratioCapital expendituresOrders received and order backlogKey points of the Q&A
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.Revenue from the Bitcoin-related business increased from ¥772.8 million in the same period of the previous year to ¥2,983.7 million, while the Company recognized a ¥116.3 billion impairment loss on Bitcoin.
How to read this page
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