Japanese Nail Salon Chain Convano Issues $139 Million Bond to Purchase Bitcoin

Tokyo-listed Convano (6574.T), a Japanese nail salon chain operator, issued $139.2 million worth of unsecured bonds to purchase Bitcoin as part of an aggressive crypto treasury strategy. The company announced its fifth series of ordinary bonds worth 2 billion yen in September 2025, marking one of the largest corporate crypto commitments in Japan's beauty and retail sectors.

Convano operates primarily in the nail salon business but has pivoted toward Bitcoin as a treasury asset to hedge against yen depreciation and inflation risks. The company aims to accumulate 21,000 BTC by March 2027, with the current bond proceeds funding the acquisition of $136 million in Bitcoin by November 2025. The firm has approved an additional $17 million BTC purchase, bringing its total corporate commitment to over $213 million.

The beauty company's Bitcoin strategy began in earnest in August 2025 when it acquired 200 BTC, increasing total holdings to 364.93 BTC. That purchase was funded through 2 billion yen from ordinary bonds and 1.508 billion yen from new share subscription rights. Convano later added another 155 BTC, bringing its total to 519.93 BTC before the latest bond issuance.

Convano's stock price has surged over 1,700 percent since adopting its Bitcoin-focused treasury strategy. The company's shares reached new all-time highs with increases of up to 78.76 percent following initial Bitcoin strategy announcements. On September 9, 2025, Convano stock closed at 318 yen on the Tokyo Stock Exchange, representing a 33.61 percent daily gain, though the stock had declined 36.26 percent in the ten days prior to September 4.

The company believes Bitcoin offers improved market liquidity and price discovery due to increased institutional investment, making it an opportune time for corporate adoption. Convano views the digital asset as both a store of value and strategic diversification tool while establishing a distinct presence in Japan's emerging corporate crypto sector.