Convano was, until recently, a sleepy Tokyo-listed operator of nail salons. Now it wants to become one of the world¡¯s largest corporate holders of Bitcoin ¡ª the latest in a wave of radical financial reinventions pulling the likes of biotech firms and regional banks into crypto¡¯s orbit.
Even as signs mount that the digital-asset treasury boom is losing steam, Convano has unveiled a highly ambitious plan: raise about ?434 billion ($3 billion) and acquire 21,000 Bitcoin ¡ª equivalent to 0.1% of the total supply. At the time of announcement, its market value was a fraction of that sum. Its shares have since more than doubled.
As of Aug. 25, however, it has raised just 2% of the required funds and holds a modest 365 Bitcoin. To make good on its gambit, Convano is following a model popularized by Michael Saylor¡¯s Strategy: generate retail and institutional interest, lift the share price, then convert that momentum into capital for further Bitcoin purchases.
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