# Japan Seeks Court Order Against Three Firms Over Bitcoin (BTC) ETF Pitch

By Riza Dagoc

Canonical URL: https://www.tokenpost.com/news/regulation/53826
Published: 2026-11-11T10:38:15.000Z
Updated: 2026-11-11T10:38:15.000Z
Section: Regulation

> The bureau found solicitation activity from February 2021 through February 2026, counting at least 2,141 investor person-times.

Japan’s Securities and Exchange Surveillance Commission asked the Tokyo District Court on Nov. 10 to order three firms to stop activities involving unregistered financial instruments business after a bureau investigation found they promoted a product as allowing Bitcoin (BTC) ETF investments.

The request names 4CAPITAL MANAGEMENT 合同会社, 柴田综合研究所 and 安藤综合研究所.

The bureau found that the firms solicited investors from February 2021 through February 2026 for overseas investment products, including products offered by insurance companies affiliated with U.S. ITA Group.

The bureau counted at least 2,141 investor person-times solicited, which does not necessarily mean 2,141 distinct investors.

It also found that the firms promoted Evolution as allowing investors to include a Bitcoin spot exchange-traded fund (ETF) in their portfolios.