ANAP Books 4.37 Billion Yen Bitcoin Valuation Loss as Net Loss Reaches 7.32 Billion Yen

Japanese apparel company ANAP recorded a 4.37 billion yen valuation loss on Bitcoin in fiscal 2026, reversing a gain a year earlier and contributing to a net loss of 7.323 billion yen.

ANAP ended its fiscal year on Aug. 31 with 1,432.16 Bitcoin (BTC), valued at 17.976 billion yen. The company did not sell the holdings. Under Japanese accounting rules, crypto assets with active markets are revalued quarterly, with the change recorded in earnings. The valuation charge does not itself represent a cash outflow.

The Bitcoin charge compares with a 1.22 billion yen gain in fiscal 2025. ANAP’s fiscal 2026 revenue was 2.128 billion yen, while its operating loss was 2.155 billion yen and ordinary loss was 6.762 billion yen. Net loss was about 2.8 times the prior year’s amount.

Cash flow from operating activities was negative 2.272 billion yen. Bitcoin acquisitions accounted for 6.081 billion yen in investment outflows. ANAP made its first Bitcoin purchase on Apr. 16, 2025, and its latest reported purchase was 9.18 BTC on Apr. 21, 2026; its holdings changed little after that.

The company operates apparel, online retail, beauty salon and investment businesses. All four segments posted losses. After closing unprofitable locations, ANAP’s apparel subsidiary had 17 stores, while its salon business had four.

ANAP’s filing flags significant uncertainty about its ability to continue as a going concern. The company has posted operating, ordinary and net losses for seven consecutive fiscal years, beginning with the fiscal year ended Aug. 31, 2020.

ANAP completed a debt-for-equity restructuring on Sept. 30. It converted 3.6 billion yen in borrowing into 72 million common shares at 50 yen each and another 4 billion yen into 10 million nonvoting preferred shares. Warrants convertible into 54.5 million shares at 50 yen each could raise 2.725 billion yen if fully exercised.

The restructuring funds are designated for bond and loan repayment and subsidiary working capital. Bitcoin purchases are to be funded separately through existing financing facilities.