77-Year-Old Kitabo Starts Bitcoin Purchases

Kitabo (3409), listed on the Tokyo Stock Exchange Standard, announced on July 22 that it has started purchasing Bitcoin (BTC). The company, founded in 1948 as a textile manufacturer, received approval at its 102nd annual general shareholders' meeting on June 30 to add business purposes, thereby officially entering the cryptocurrency business.

Related: Kitabo, known for healthcare and recycled textiles, invests 1 billion yen in cryptocurrency business and also starts mining operations.

The purchase resolution budget is 800 million yen, and from July, the company will gradually acquire Bitcoin through domestic cryptocurrency exchange operators using the dollar-cost averaging method. The funds for the purchase are partly sourced from the proceeds of the fourth issue of new share options, with some of the Bitcoin held being allocated to lending operators...