Anap Holdings Inc.
3189🇯🇵Leveraged
Japanese fashion retail company operating apparel brands including ANAP, ANAP KIDS, and ANAP GiRL. Launched a comprehensive Bitcoin business strategy in mid-2025 through its subsidiary ANAP Lightning Capital, accumulating BTC through equity offerings, debt-to-equity swaps, and in-kind capital contributions as a hedge against yen depreciation.
BTC Holdings
1,431.972 BTC
180d
Stock Price
144.00 JPY
180d
Total financing
9.94B JPY
180d
mNAV
0.38x
180d
Leverage
54.1%
180d
BTC Credit
193 bps1.9x
Sats/Share
3,177
180d
Mkt capFD
6.49B JPY
SharesFD
45.08M
Fiat reserve
669.71M JPY
Total reserve
17.81B JPY
Dilution
3.4%
Coverage
107.3 yr
Analytics
BTC Coverage
Financials
J-GAAPSemi-AnnualAs of 2026-02-28
Balance Sheet
Total Assets¥16.1B
Total Liabilities¥10.5B
Stockholders' Equity¥5.5B
Cash & Equivalents¥669.7M
Total Debt¥9.9B
Digital Assets¥14.3B
Income Statement
Revenue¥1.1B
Operating Income¥-1.2B
Net Income¥-9.4B
Interest Expense¥69.6M
Cash Flow
Operating Cash Flow¥-1.1B
Instruments
| Instrument | Term | Coupon | Principal | Outstanding | Conv. price | BTC Rating |
|---|---|---|---|---|---|---|
| 3189-Dec35 | Dec '25 – Dec '35 | 0% | 800.00M JPY | 800.00M JPY | 533.00 JPY | 1.9x |
| Total | 800.00M JPY | |||||
Recent Changes
Tue, Apr 21, 2026
BTC Holdings
1.4K→1.4K+9.178 BTC(+0.6%)
+9.1785 BTC purchased for ¥111,342,548 (~¥12,131,190/BTC); managed via subsidiary ANAP Lightning Capital. Avg cost basis ¥14,756,285/BTC, unrealized loss ¥3,845,842,591 per bitFlyer 2026-04-21 close.
Notice on BTC Purchase by Group (+9.18 BTC)Mon, Apr 20, 2026
BTC Holdings
1.4K→1.4K+0.689 BTC(+0.0%)
+0.6890 BTC purchased for ¥8,095,888 (~¥11,750,925/BTC); avg cost basis ¥14,773,223/BTC. Managed by subsidiary ANAP Lightning Capital.
Notice on BTC Purchase by Group (+0.69 BTC)Thu, Apr 16, 2026
BTC Holdings
1.4K→1.4K+5.074 BTC(+0.4%)
+5.0700 BTC purchased for ¥59,578,584 (avg ¥11,750,215/BTC); held via subsidiary ANAP Lightning Capital
Notice on BTC Purchase by Group (+5.07 BTC)Fri, Apr 10, 2026
Shares Outstanding
43.5M→43.6M+50.0K(+0.1%)
決算短信 (Earnings Release Q2 2026/8)
Sat, Feb 28, 2026
Shares Outstanding
39.6M→43.5M+3.9M(+9.9%)
決算短信 (Earnings Release Q2 2026/8)
Debt OutstandingRedemption3189-Jun27
2.00B→1.15B-850.0M(-42.5%)
¥850M face redeemed via automatic early redemption linked to 8th warrant exercises (Q2 FY2026 period Sep 2025–Feb 2026). Derived: ¥2,000M original - ¥850M redeemed = ¥1,150M remaining face. Book value on BS ¥1,900M includes ¥800M Dec-2035 conv + ~¥1,150M 8th bond net of ~¥50M discount.
決算短信 (Earnings Release Q2 2026/8)Debt OutstandingDraw3189-NP
5.60B→7.99B+2.39B(+42.6%)
Cumulative long-term borrowings drawn on ¥9B netprice facility (capacity raised from ¥7B to ¥9B on 2026-02-18). Up from ¥5.6B initial draw at 2026-02-18.
決算短信 (Earnings Release Q2 2026/8)Fiat Reserve
1.16B→669.7M-489.3M(-42.2%)JPY
決算短信 (Earnings Release Q2 2026/8)
Wed, Feb 18, 2026
Debt OutstandingDraw3189-NP
5.60B
Estimated from predecessor facility rollover; actual current drawn amount may differ
Capital Procurement & Early Loan RepaymentWed, Jan 28, 2026
BTC Holdings
1.3K→1.4K+70.45 BTC(+5.2%)
BTC Holdings Tracker
Thu, Dec 25, 2025
BTC Holdings
1.2K→1.3K+127.73 BTC(+10.5%)
BTC Holdings Tracker
Wed, Dec 17, 2025
BTC Holdings
1.2K→1.2K+18.65 BTC(+1.6%)
BTC Holdings Tracker
Mon, Dec 15, 2025
Debt OutstandingIssuance3189-Jun27
2.00B
Timely Disclosure (8th Warrants, 1st CB, 8th Bond)
Thu, Dec 4, 2025
BTC Holdings
1.1K→1.2K+54.51 BTC(+4.8%)
BTC Holdings Tracker
Mon, Dec 1, 2025
Debt OutstandingIssuance3189-Dec35
800.0M
Timely Disclosure (8th Warrants, 1st CB, 8th Bond)