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
1,417.03 BTC
180d
Stock Price
188.00 JPY
180d
Total financing
8.40B JPY
180d
mNAV
0.53x
180d
Leverage
45.2%
180d
BTC Credit
63 bps2.2x
Sats/Share
3,147
180d
Mkt capFD
8.46B JPY
SharesFD
45.03M
Fiat reserve
1.16B JPY
Total reserve
17.18B JPY
Dilution
3.4%
Coverage
143.0 yr
Analytics
BTC Coverage
Financials
J-GAAPQuarterlyAs of 2025-11-30
Balance Sheet
Total Assets¥18.8B
Total Liabilities¥7.7B
Stockholders' Equity¥11.1B
Cash & Equivalents¥1.2B
Total Debt¥7.1B
Digital Assets—
Income Statement
Revenue¥531M
Operating Income¥-592M
Net Income¥-2.8B
Interest Expense—
Cash Flow
Operating Cash Flow—
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 | 2.2x |
| Total | 800.00M JPY | |||||
Recent Changes
Tue, Mar 17, 2026
Shares Outstanding
39.6M→43.5M+3.9M(+9.9%)
Post 8th warrant exercise completion
8th Warrant Acquisition Completion NoticeWed, 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)
Sun, Nov 30, 2025
Shares Outstanding
37.5M→39.6M+2.1M(+5.5%)
Quarterly Report Q1 FY2026
Fiat Reserve
748.0M→1.16B+411.0M(+54.9%)JPY
Quarterly Report Q1 FY2026
Thu, Nov 20, 2025
BTC Holdings
1.1K→1.1K+34.667 BTC(+3.1%)
BTC Holdings Tracker