Why HODL1 Chose to Be an Ethereum Evangelist, Not a Treasury — Inside the DAT Strategy Interview: Hiroki Tahara

Summary

1. A Declaration to Become an Ethereum “Evangelist,” Not Just a Treasury Company

HODL1 (formerly KUSHIM) positions its DAT (Digital Asset Treasury) strategy not merely as a financial balance-sheet tactic, but as a means of embedding Ethereum as a neutral financial infrastructure within society. Leveraging a development team with deep technical expertise, the company advocates for an “ideology-driven DAT” approach aimed at preventing Japan from becoming isolated from the global Ethereum economy. This philosophical commitment clearly differentiates HODL1 from conventional treasury-focused players.

2. DAT as a Means, Not an End: A Three-Pillar Model That Creates a Virtuous Cycle

HODL1’s DAT strategy is built around three interconnected pillars:
(1) expanding Ethereum adoption through development and consulting,
(2) actively holding and managing ETH as a corporate asset while returning value to shareholders, and
(3) scaling the Ethereum ecosystem through future in-house products.
By intentionally linking the growth of Ethereum’s value with the company’s own enterprise value, HODL1 aims to create a self-reinforcing virtuous cycle—an approach that sets it apart from other DAT companies.

3. The Commitment Behind the Name “HODL1”: Aiming to Become Asia’s Leading ETH Strategy Company

The decision to rebrand as “HODL1” symbolizes a long-term commitment to Ethereum and serves as a declaration of intent to be “perfect as a DAT—and more than a DAT.” Rather than pursuing short-term price movements or headline-driven strategies, the company seeks to contribute to foundational Ethereum infrastructure in Japan, including Layer 2 ecosystems. Through this long-term, infrastructure-focused approach, HODL1 aims to establish itself as Asia’s leading ETH-centric strategy company.

The term "Digital Asset Treasury (DAT)" is rapidly gaining popularity in the financial sector both in Japan and overseas. However, for many, holding cryptocurrencies is merely a financial strategy, with a lack of clear philosophical or business connections. Amid this, a company has emerged that declares, "We want to be an evangelist for Ethereum (ETH), not a treasury."

Qsym Co., Ltd., listed on the Tokyo Stock Exchange Standard Market, plans to change its name from "Qsym" to "HODL1" at its shareholders' meeting at the end of January, demonstrating its determination to fully commit to Ethereum. Why Ethereum? Why the DAT strategy now? And where is the company headed? We spoke frankly with CEO Tahara about the origins of his philosophy, the overall picture of the DAT strategy, and his ambitions.

Nagatomo: What sparked your interest in cryptocurrencies and blockchain?

Hirotaka Tahara (hereinafter, Tahara): It all began during my university days. At the time, I was studying to become a certified small business consultant and had a related part-time job. As a result, I started attending study groups for the consultant, and one day I was asked to be a lecturer.

At the time, I was studying both law and AI/data analysis, so I wanted to talk about these themes, but the lecturer before me had covered the same topics. That's when I thought, "No one knows about Bitcoin (BTC) and blockchain yet, so they're novel and interesting." That's how it all began.

Nagatomo: So that's when you started studying seriously.

Tahara: Towards the end of 2016, as part of my studies, I bought some Bitcoin and Ethereum, and dabbled in some obscure coins whose names I can't even remember now (laughs). I remember trying out various things and thinking, "This is quite interesting."

Nagatomo: You also started your own business in college, right?

Tahara: Yes. I started a company called "Turingham" while I was in college. However, I didn't start it with the intention of running a business from the beginning.

In 2018, I had the opportunity to attend Devcon, an Ethereum event held in the Czech Republic, with a grant from my university. I happened to meet someone from Japan there, and after returning to Japan, we started Turingham together.

At first, rather than a startup, it was more like a research group for working adults where we researched and wrote code in specialized fields like DeFi, proprietary blockchains, and cryptography. Some of the members were students, while others were working adults, so rather than "starting a business," it felt more like we got together and explored things, and the company was formed.

After that, as Turingham continued, we decided to run a proper business with these members, and it was in 2020 that we began to fully operate as a business company.