Bitcoin Japan Approves $59.5 Million Financing with EVO Fund, Allocates $4.1 Million for First BTC Purchase

According to its shareholder Q&A published Thursday, Bitcoin Japan's board approved a financing package with Cayman Islands-based EVO Fund that could raise 9.66 billion yen ($59.5 million) in net proceeds, including 662 million yen ($4.1 million) for its first bitcoin purchase.

The package combines a 1.5 billion yen ($9.2 million) zero-coupon convertible bond with stock acquisition rights potentially generating 8.2 billion yen ($50 million) over roughly 12 months. Full conversion and exercise would create about 70.3 million new shares, representing 95.33% dilution of existing shares. Bitcoin Japan shares fell 26.7% to 99 yen on Friday, marking a year-to-date low.