Japan’s ANAP Holdings Boosts Bitcoin Treasury to 1,047 BTC
Japanese fashion retailer ANAP Holdings Inc. has made another move into digital assets. The company disclosed the purchase of 29.58 additional Bitcoin. This lifts its total holdings to 1,047.56 BTC. The move cements ANAP’s status among the top corporate holders of Bitcoin. It is currently ranked 41st worldwide according to BitcoinTreasuries.net. At current market prices, its holdings are worth approximately $119.4 million. This acquisition follows through on ANAP’s earlier pledge to build a 1,000+ BTC treasury by August 2025. The goal has now been exceeded. It positions the Tokyo-listed company as one of the few fashion retailers globally to adopt Bitcoin at this scale.
A Strategic Step Beyond Fashion
The company was founded in Japan and listed under the ticker 3189.T. ANAP Holdings is known for affordable, trend-focused apparel and accessories. Its stores and online platforms cater to a wide range of consumers across the country. But the company’s ambitions have expanded beyond clothing racks. By accumulating Bitcoin, ANAP demonstrates a forward-looking investment approach. Management views Bitcoin as a hedge against market volatility and a potential long-term growth driver. The strategy reflects a growing trend among public firms diversifying their treasuries with digital assets. While the practice is still uncommon in Japan. ANAP’s move suggests an early recognition of Bitcoin’s role as a store of value.
Bitcoin Holdings: Costs and Profits
According to data, ANAP accumulated its Bitcoin at an average cost of $103,800 per coin. With Bitcoin trading above that level. The company is currently sitting on an unrealized gain of 9.8%. This contrasts with its cautious initial entry earlier this year. When the company began building reserves in April 2025. The timing appears to have paid off. With Bitcoin continuing to climb amid renewed institutional and corporate interest worldwide. The growing position signals confidence not only in the asset’s performance. But also in its relevance to corporate finance in Japan.
Financial Snapshot of ANAP Holdings
ANAP Holdings maintains a market capitalization of $153 million (¥23 billion) on a basic basis. Additionally, $162 million (¥24 billion) on a diluted basis. Its enterprise value sits at $114 million, reflecting a balance between operational business and new investments. For a mid-sized fashion retailer, the size of its Bitcoin allocation is significant. With holdings worth nearly 80% of its enterprise value. Bitcoin now represents a core part of ANAP’s balance sheet. This level of exposure places ANAP alongside global players such as MicroStrategy and Tesla, albeit at a smaller scale. Still, the strategy positions the firm uniquely within Japan’s corporate landscape.
A Broader Trend in Corporate Bitcoin Adoption
ANAP’s accumulation comes amid a wider wave of corporate interest in Bitcoin. In Japan, a few listed companies have made public commitments to digital assets. ANAP therefore stands out as a trailblazer in the retail sector. Globally, the narrative is shifting, too. With Bitcoin adoption increasing among public firms. This includes institutional investors and sovereign players; the decision by a mid-tier fashion company underscores Bitcoin’s reach beyond traditional tech or finance industries. ANAP’s leadership appears to align with this perspective. In June 2025, the company confirmed its intent to cross the 1,000 BTC milestone. That frames the decision as a strategic long-term bet.
Future Outlook
For ANAP, the dual strategy of selling apparel while holding a nine-figure Bitcoin treasury is unconventional and forward-thinking. It provides the company with an additional lever for financial resilience in a challenging retail environment. If Bitcoin continues to rise, ANAP could see substantial balance sheet growth, potentially reinforcing its market position. At the same time, volatility remains a risk. Especially given the size of its exposure relative to its core business. Still, the company’s move signals confidence in the digital asset future. By exceeding its own target, ANAP has shown determination to integrate Bitcoin as a permanent part of its strategy. This makes it one of Japan’s most notable corporate adopters of cryptocurrency.
