A surprising new player is making waves in the Bitcoin world: Convano Inc., operator of the Tokyo-based nail salon chain Fastnail, has announced a radical business pivot. The once modest beauty services company now aims to become one of the world’s largest publicly listed holders of Bitcoin.
From Nail Polish to Bitcoin Billions
Convano plans to raise approximately ¥434 billion ($3 billion) in several funding rounds to acquire 21,000 BTC — about 0.1% of Bitcoin’s total supply. The goal: by March 2027, join the global top tier of corporate Bitcoin holders.
So far, the company has secured only a fraction of that amount. As of August 25, 2025, Convano holds 365 BTC, purchased with proceeds from ¥4.5 billion in corporate bonds.
Still, the announcement has already electrified markets. Convano’s stock price has soared over 220% in the past month and an astonishing 1,400% since the beginning of the year, as investors increasingly view the shares as a proxy for Bitcoin exposure.
A Three-Phase Accumulation Plan
Convano’s Bitcoin roadmap is ambitious and clearly structured:
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2,000 BTC by the end of 2025
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10,000 BTC by August 2026
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21,000 BTC by March 2027
Brokers Nomura Securities and SMBC Nikko Securities are facilitating the fundraising, though no anchor investor has yet been disclosed.
Why Bitcoin? Yen Weakness and Global Risks
According to Motokiyo Azuma, Convano’s director of finance and head of its Bitcoin strategy unit, the move is driven by macroeconomic pressures:
“Persistent yen depreciation and geopolitical risks pushed us to think of Bitcoin as a long-term store of value,” Azuma said.
The Japanese yen has lost about 20% of its value against the U.S. dollar over the past decade, increasing costs for domestic businesses. Convano sees Bitcoin as a hedge against this ongoing currency slide.
Experts Question Sustainability
Not everyone is convinced the strategy will succeed. Matthew Sigel, head of digital assets research at VanEck, cautions that such treasury strategies rely heavily on market optimism:
“When company shares trade above the value of their Bitcoin holdings, issuing new stock can create premiums. But when prices fall closer to net asset value, dilution sets in. That’s not capital formation — it’s erosion.”
Japan Emerges as a Bitcoin Accumulation Hub
Convano is part of a broader trend in Japan, where listed companies are turning into Bitcoin investment vehicles. Metaplanet Inc., once a hotel operator, now holds nearly 19,000 BTC, placing it among the world’s top 10 corporate holders.
In total, seven Japanese firms are currently ranked among the 100 largest publicly listed Bitcoin-holding companies worldwide.
👉 Bottom line: Convano’s pivot from nail salons to Bitcoin accumulation is one of the boldest corporate transformations in Japan’s recent history. Whether it succeeds depends not only on capital markets but also on how the Bitcoin story unfolds in the years ahead.
Sources:
- Convano on BitcoinTreasuries.net
- Bitcoin Insider: Unexpected Bitcoin Player: Japanese Nail Salon Targets $3-B In BTC Holdings
- Bloomberg Crypto: Japanese Nail Salon Attempts Reinvention as Major Bitcoin Holder