From FASTNAIL to a DAT Company: Convano's Financial Strategy for Holding 21,000 BTC - Interview with Todaiyo

Summary

1. Convano Fully Adopts a “Bitcoin Treasury” Strategy Amid Yen Weakness and Financial Policy Shifts

Backed by the stable earnings of its nail salon business FASTNAIL, Convano has launched its DAT strategy, aiming to hold 21,000 BTC by March 2027. The move stems from a reassessment of the risks of keeping surplus assets in yen as the currency continues to weaken. Holding Bitcoin was ultimately chosen as a means of “protecting the company’s financial principles.”

2. Expanding BTC Holdings Through Growth Businesses and Options — A Unique “Dual-Engine Model”

Rather than simply accumulating Bitcoin, Convano employs a distinctive multi-pronged approach:

• Growing operating profits through its existing businesses
• Adjusting equity issuance timing in line with stock price movements
• Generating income through options strategies

This framework allows the company to smooth and lower its average acquisition cost. The 21,000 BTC target corresponds to 0.1% of Bitcoin’s 21 million supply cap, positioning the strategy as a forward-looking financial model built around Bitcoin’s long-term appreciation potential.

3. Balancing Shareholder Returns With Corporate Principles — Sharing the View of BTC as a “Protective Asset”

Convano emphasizes an awareness that its growth is supported by shareholder capital. The company commits to avoiding excessive dilution while simultaneously investing for growth and accumulating BTC. It intends to handle Bitcoin only within the bounds of FASTNAIL’s core principles, while promoting the idea that, in an environment of ongoing yen depreciation, Bitcoin can serve as a means of financial self-protection for individuals and society at large.

Convano aims to hold 21,000 BTC (equivalent to approximately 370 billion yen) by the end of March 2027. Leveraging the stable revenue base it built through its nail business, "FASTNAIL," the company is fully implementing an unusual DAT (Digital Asset Treasury) strategy for a listed company. At the center of this is Director Azuma. Convano is not simply a "company that buys Bitcoin (BTC)," but rather handles Bitcoin as "finance to protect its principles." Why did they choose this path, and what kind of future are they aiming for? We delved into their true intentions and philosophy.

Nagatomo: Please tell us about Azuma's career.

Azuma: Taiyo (hereinafter, Azuma): My original background is in IT. I worked for six years as a systems integrator, designing, developing, and operating IT systems for companies. I was involved in the development of new businesses such as "agriculture x IT" and "medical x IT." After that, I worked for a furniture trading company and an IT consulting firm, but those were closer to the fintech field, so I had some exposure to the financial sector.

I first encountered Convano when I was working at Medical Frontier, a company that supports medical corporations, through an introduction from Dr. Aoki, the founder of TCB, a beauty clinic that we were supporting. Dr. Aoki said to me, "There's an interesting CEO here; would you like to talk to him?" and introduced me to our company's CEO, Kamishimoto. We then had a discussion at our Shibuya office around March of last year, and I decided I wanted to grow the business, which is what led me to join Convano.

Nagatomo: How did you end up pursuing a treasury strategy?

Azuma: In May of last year, I launched a subsidiary called Toranomon Capital, and there was a time when I was considering my investment strategy: whether it would be better to buy shares in Strategy and Metaplanet, or to buy physical Bitcoin. On the other hand, when the yen began to weaken around last summer, the parent company began to think that it was time to do something about it. The nail business was finally turning a profit, and we were in a phase where we were accumulating assets, so we were debating whether to keep the accumulated assets in yen or convert them into something else, and finally, around the end of June this year, we changed our policy to adopt a treasury strategy of storing surplus assets in Bitcoin.