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Japanese Nail Salon Makes a Bold Bet on Bitcoin
In a surprising move, Convano Inc., a well-known Japanese nail salon chain, has announced its intention to become one of the largest corporate holders of Bitcoin. The company aims to acquire 21,000 BTC by 2027, which would account for approximately 0.1% of Bitcoin’s total supply.
To achieve this ambitious goal, Convano plans to raise $3 billion through equity and bond sales. As of August 25, it has already secured about 2% of its target sum, holding a current balance of 365 BTC. The decision comes as the Japanese yen weakens against the U.S. dollar, leading firms to seek alternative reserve assets.
In a statement, Convano’s Director, Taiyo Azuma, stated that the company started contemplating Bitcoin due to the persistent decline of the Japanese yen and potential geopolitical risks. With this shift in strategy, Convano is expected to double its stock price by utilizing the new funds generated from the Bitcoin acquisition.
This move marks an unprecedented departure for a traditional nail salon chain, as it moves into uncharted territory by embracing cryptocurrency. However, some experts have expressed concerns regarding the volatility of Bitcoin and potential regulatory pressures that may arise in the future. These risks could negatively impact Convano’s financial situation and its ability to maintain a diverse portfolio.
As Convano continues on this new path, other Japanese companies are also exploring crypto investments, with seven firms now ranking among the top 100 public holders of Bitcoin. This dramatic shift highlights the growing importance of digital assets in today’s business landscape.
The bold strategy comes as Convano aims to expand its services and operations while adapting to a rapidly changing market.
Source: coincentral.com
