Japanese digital asset treasuries are stepping up their Bitcoin-buying efforts despite mounting concerns over businesses making crypto shopping sprees a cornerstone of their business models.
Advertising firm Eole snapped up $1 million in Bitcoin on the back of fashion firm ANAP Holdings buying $1.6 million earlier in December
In a filing dated December 19, Eole said its Bitcoin holdings are now worth over $9 million.
“We have determined that the current market environment is going through a risky patch,” Eole said in its filing. “We have optimised our investment policy so we can steadily expand our holdings without taking on excessive risk.”
The firms’ purchases come as concerns about the feasibility of DATs continue to mount. Hundreds of companies have taken a page out of the Strategy playbook and pivoted to becoming Bitcoin treasuries.
However, market uncertainties have caused crypto prices to fall. That means many companies’ stocks have fallen, and are now worth less than their crypto holdings.
Just one Bitcoin treasury firm has been able to outperform the bellwether S&P 500 in 2025, according to a BitcoinTreasuries.net report.
Crypto lending plans
Eole has previously unveiled plans to build a Bitcoin treasury worth between $76 million and $102 million by the end of financial year 2026.
The company has launched an initiative called Neo Crypto Bank, which it says will become a crypto lender. In its statement, Eole said it aims to build a “next-generation, crypto-powered financial platform.”
“We will promptly invest the Bitcoin we have acquired in our operations, primarily in the lending space,” the firm said.
Other companies, like the French crypto-banking startup Deblock, have launched similar services in 2025.
Eole added that it will “begin disclosing the progress” it has made on its crypto-powered business operations in the coming weeks.
The firm aims to process about 400 million payments per year using its new services, in addition to cornering 1% of the domestic cashless payment market, the Japanese media outlet CoinPost reported.
Eole has also revealed a longer-term financial strategy for a “gradual expansion from 2026 to 2028,” ultimately building up assets — including fiat currencies, crypto, and other assets — worth just under $7 billion.
The company is working on its crypto project with the hardware provider Slash Vision and J-Cam, the operator of BitLending, Japan’s biggest crypto lending service.
In October, Eole also struck deals with a range of domestic crypto startups as it looks to build crypto staking capabilities.
ANAP Holdings, meanwhile, has already amassed Bitcoin holdings worth almost $110 million.
