# Bitcoin Japan Corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第122期(2025/04/01－2026/03/31) (S100YM8W)
> Page: https://vizora.meequs.com/en/company/bitcoin-japan
> Retrieved: 2026-09-30T20:27:45.154Z

## Company

Bitcoin Japan, founded in 1928, is a company in Textiles & Fibers listed on TSE Standard. It has 80 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Bitcoin Japan Corporation (旧英訳名 MARUSHOHOTTA CO.,LTD.) |
| Ticker | 8105 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8105.T) |
| Listing | TSE Standard |
| Head office | 東京都墨田区横網一丁目10番5号 |
| Representative (per filing) | 代表取締役社長CEO フィリップ ロード |
| Founded | Nov 1928 |
| Share capital | ¥1.03B |
| Employees (consolidated) | 80 |
| Average salary (parent only) | ¥4.3M |
| Fiscal year end | March |
| Website | www.hotta-marusho.co.jp (https://www.hotta-marusho.co.jp/) |
| Corporate number | 1010001034953 |
| EDINET | E02627 |
| Industries (Vizora) | Textiles & Fibers, Specialty Trading & Wholesale, Apparel |

> Profile source: annual securities report (S100YM8W, filed 2026-06-29). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 17.3 | 55 |
| Profitability | 4.1 | 61 |
| Efficiency | 23.8 | 61 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 49% of Bitcoin Japan's sales come from Fashion, with Material and Kimono making up much of the rest.
- It lost about ¥16 for every ¥100 of sales at the operating level.
- Revenue changed -4.5% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.96B |  |
| Operating income | -¥462M | Margin -15.6% |
| Net income | -¥537.3M | Margin -18.2% |
| Free cash flow | -¥421.6M |  |
| Largest business | Fashion | of segment revenue 48.7% |
| Employees (consolidated) | 80 |  |
| EPS | ¥-9.22 |  |
| Book value per share | ¥59.47 |  |
| Equity ratio | 86.2% |  |
| Shares outstanding | 67,850,648 |  |
| Treasury shares | 3,396,200 |  |
| Shareholders | 24,042 |  |
| Average salary (parent only) | ¥4.3M | Filing company only |
| Cash ratio | 65.0% | Cash ÷ revenue 101.9% |
| Vs. industry median margin | -18.6 pp | Apparel |
| ROA | -13.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 76% of positive segment profit
- FY2026, segment profit share differs by 76 points
- FY2026, cash is 65% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3779200000 | ¥2959059000 | -21.7% |
| Operating income | ¥-536314000 | ¥-462015000 | — |
| Operating margin | -14.2% | -15.6% | -1.4 pp |
| Employees | 114 people | 80 people | -29.8% |
| Cash and equivalents | ¥2229942000 | ¥3015005000 | +35.2% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| きもの事業 → きもの事業 | 9.2% |
| 和装事業 → 事業再編・廃止 | 9.2% |
| ライフスタイル事業 → ライフスタイル事業 | 1.2% |
| ライフスタイル事業 → 事業再編・廃止 | 5.1% |
| 寝装事業 → 事業再編・廃止 | 6.3% |
| ファッション事業 → ファッション事業 | 19.0% |
| 洋装事業 → 事業再編・廃止 | 19.0% |
| マテリアル事業 → マテリアル事業 | 15.5% |
| 意匠撚糸事業 → 事業再編・廃止 | 15.5% |
| 新設・再編 → きもの事業 | 12.5% |
| 新設・再編 → ファッション事業 | 29.7% |
| 新設・再編 → マテリアル事業 | 12.5% |
| 新設・再編 → その他 | 0.4% |

Segment revenue source references: 13 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Fashion | 5 years | +0.1% | ¥1441131000 | 0.2% | 2 |
| Material | 5 years | -6.7% | ¥827829000 | -2.8% | 2 |
| Kimono | 5 years | -1.6% | ¥642744000 | -18.6% | 2 |
| Lifestyle | 5 years | -40.2% | ¥36439000 | -26.4% | 2 |
| Other | 2 years | +16.1% | ¥10915000 | 77.0% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,959 | 100.0% | S100YM8W |
| Cost of revenue | 1,967 | 66.5% | S100YM8W |
| Gross profit | 992 | 33.5% | S100YM8W |
| SG&A | 1,454 | 49.1% | S100YM8W |
| Operating income | -462 | -15.6% | S100YM8W |
| Ordinary income | -483 | -16.3% | S100YM8W |
| Pretax income | -530 | -17.9% | S100YM8W |
| Income tax | 7 | 0.2% | S100YM8W |
| Net income | -537 | -18.2% | S100YM8W |
| Net income attributable to owners | -537 | -18.2% | S100YM8W |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 49 |
| Operating income | -16 |
| (Ref.) Net income | -18 |

### Margin funnel

Gross margin 33.5% → Operating margin -15.6% → Net margin -18.2%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,099 | 2,959 | -140 | -4.5% |
| Gross profit | 1,010 | 992 | -17 | -1.7% |
| Operating income | -355 | -462 | -107 | — |
| Net income attributable to owners | -407 | -537 | -130 | — |
| Operating cash flow | -330 | -415 | -84 | — |
| Free cash flow | -349 | -422 | -72 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 5,547 | -207 | -3.7% | -145 | -105 | -127 | S100LL2S |
| FY ending Mar 2021 | 3,779 | -536 | -14.2% | -810 | -124 | -131 | S100OJMR |
| FY ending Mar 2022 | 3,702 | -174 | -4.7% | -208 | -223 | -223 | S100R4KC |
| FY ending Mar 2023 | 3,867 | -116 | -3.0% | -78 | -261 | -275 | S100TRYD |
| FY ending Mar 2024 | 3,694 | -191 | -5.2% | 19 | 75 | 62 | S100W75R |
| FY ending Mar 2025 | 3,099 | -355 | -11.5% | -407 | -330 | -349 | S100YM8W |
| FY ending Mar 2026 | 2,959 | -462 | -15.6% | -537 | -415 | -422 | S100YM8W |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37M |
| Operating income per employee (consolidated) | -¥5.8M |
| Net income per employee (consolidated) | -¥6.7M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 104 | 93 | 92 | 85 | 80 |
| Average salary (parent company) | ¥4.1M | ¥4M | ¥4.3M | ¥4.3M | ¥4.3M |
| Average age (parent company) | 50.9 years | 49.4 years | 49.6 years | 51.1 years | 51.8 years |
| Average tenure (parent company) | 14.1 years | 15.6 years | 14.9 years | 15.1 years | 14.5 years |

Year over year: Employees (consolidated) -5.9% · Revenue (consolidated) -4.5%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Kimono | 643 | 21.7% | -120 | -18.6% |
| Lifestyle | 36 | 1.2% | -10 | -26.4% |
| Fashion | 1,441 | 48.7% | 3 | 0.2% |
| Material | 828 | 28.0% | -23 | -2.8% |
| Other | 11 | 0.4% | 8 | 77.0% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Kimono | 21.7% | — | — | -18.6% |
| Lifestyle | 1.2% | — | — | -26.4% |
| Fashion | 48.7% | 23.6% | -25.1 | 0.2% |
| Material | 28.0% | — | — | -2.8% |
| Other | 0.4% | 76.4% | 76.1 | 77.0% |

Loss-making segment (excluded from profit shares): Kimono -120 JPY mn

Loss-making segment (excluded from profit shares): Lifestyle -10 JPY mn

Loss-making segment (excluded from profit shares): Material -23 JPY mn

Segment → industry: Material → Textiles & Fibers / Lifestyle → Specialty Trading & Wholesale / Kimono → Specialty Trading & Wholesale / Fashion → Apparel

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -415 | -14.0% | S100YM8W |
| Capital expenditure | 7 | 0.2% | S100YM8W |
| Free cash flow | -422 | -14.2% | 算出 |
| Investing cash flow | 1,093 | 36.9% | S100YM8W |
| Financing cash flow | 1,856 | 62.7% | S100YM8W |
| Share buyback | 0 | 0.0% | S100YM8W |
| Change in cash | 2,540 | 85.8% | S100YM8W |
| Cash and equivalents | 3,015 | 101.9% | S100YM8W |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,040 | 977 | 420 | 475 | 3,015 | S100TRYD, S100W75R, S100YM8W |
| Total assets | 3,822 | 3,695 | 3,804 | 3,330 | 4,638 | S100R4KC, S100TRYD, S100W75R, S100YM8W |
| Net assets | 3,090 | 3,027 | 3,063 | 2,675 | 4,001 | S100TRYD, S100W75R, S100YM8W |
| Share capital | 100 | 100 | 100 | 100 | 1,027 | S100R4KC, S100TRYD, S100W75R, S100YM8W |
| Property, plant and equipment | 82 | 92 | 107 | 117 | 82 | S100R4KC, S100TRYD, S100W75R, S100YM8W |
| Intangible assets excluding goodwill | 0 | 0 | — | — | 0 | S100R4KC, S100TRYD, S100YM8W |
| Investment securities | 43 | 46 | 53 | 51 | 56 | S100R4KC, S100TRYD, S100W75R, S100YM8W |
| Current assets | 3,639 | 3,499 | 3,586 | 3,113 | 4,451 | S100R4KC, S100TRYD, S100W75R, S100YM8W |
| Current liabilities | 707 | 643 | 710 | 627 | 609 | S100R4KC, S100TRYD, S100W75R, S100YM8W |
| Trade payables | 343 | 334 | 269 | 281 | 203 | S100R4KC, S100TRYD, S100W75R, S100YM8W |
| Total liabilities | 732 | 668 | 741 | 655 | 637 | S100R4KC, S100TRYD, S100W75R, S100YM8W |
| Equity attributable to owners of parent | 3,054 | 2,975 | 2,995 | 2,588 | 3,905 | S100R4KC, S100TRYD, S100W75R, S100YM8W |
| Retained earnings | 106 | 28 | 48 | -360 | -897 | S100R4KC, S100TRYD, S100W75R, S100YM8W |
| Treasury stock | -390 | -390 | -390 | -390 | -390 | S100R4KC, S100TRYD, S100W75R, S100YM8W |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 65% | S100YM8W |
| Property, plant and equipment | 2% | S100YM8W |
| Intangibles and goodwill | 0% | S100YM8W |
| Investment securities | 1% | S100YM8W |
| Other assets | 32% | S100YM8W |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YM8W |
| Other liabilities | 9% | S100YM8W |
| Equity | 86% | S100YM8W |
| Other liabilities | 0% | S100YM8W |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,822 | 3,695 | 3,804 | 3,330 | 4,638 |
| Equity | 3,090 | 3,027 | 3,063 | 2,675 | 4,001 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,040 | 977 | 420 | 475 | 3,015 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 2.8% | S100YM8W |
| Fixed assets ÷ total assets | 1.8% | S100YM8W |
| Goodwill ÷ parent equity | — | —, S100YM8W |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 65.0% |
| Cash ÷ revenue | 101.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 123 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | — |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -5.4% | —× | — | S100R4KC |
| 2023 | — | —× | -2.1% | —× | — | S100TRYD |
| 2024 | 0.5% | 0.99× | 0.5% | 1.26× | 0.7% | S100W75R |
| 2025 | — | —× | -11.4% | —× | — | S100YM8W |
| 2026 | — | —× | -13.5% | —× | — | S100YM8W |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| BAKKT OPCO HOLDINGS,LLC （常任代理人 EVOLUTIONJAPAN証券株式会社） | Major shareholder | 24.1% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 5.3% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 2.7% | 2026-03-31 |
| MACQUARIE BANK LIMITED DBU AC （常任代理人 シティバンク、エヌ・エイ） | Major shareholder | 2.1% | 2026-03-31 |
| RIZAPグループ株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| 野村證券株式会社 （常任代理人 株式会社三井住友銀行） | Major shareholder | 1.0% | 2026-03-31 |
| モルガン・スタンレ－MUFG証券株式会社 | Major shareholder | 0.8% | 2026-03-31 |
| 三菱UFJ eスマート証券株式会社 | Major shareholder | 0.6% | 2026-03-31 |
| BNYM SA/NV FOR BNYM FOR BNY GCM CLIENT ACCOUNTS M LSCB RD （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.5% | 2026-03-31 |
| J.P.MORGAN SECURIT IES PLC （常任代理人 JPモルガン証券株式会社） | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第122期(2025/04/01－2026/03/31) | S100YM8W | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YM8W,, |
| 有価証券報告書－第121期(2024/04/01－2025/03/31) | S100W75R | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W75R,, |
| 有価証券報告書－第120期(2023/04/01－2024/03/31) | S100TRYD | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRYD,, |
| 有価証券報告書－第119期(2022/04/01－2023/03/31) | S100R4KC | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4KC,, |
| 有価証券報告書－第118期(令和3年4月1日－令和4年3月31日) | S100OJMR | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJMR,, |
| 有価証券報告書－第117期(令和2年4月1日－令和3年3月31日) | S100LL2S | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LL2S,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).