The Wire PM — July 18, 2026
A dormant Tokyo-listed 'Bitcoin Japan' finally moves to buy its first BTC as CryptoQuant tells Strategy to write down its sell rules.
The Wire PM — July 18, 2026
A Tokyo-listed company named Bitcoin Japan is finally moving to buy some bitcoin Bitcoin Japan Corporation, formerly the textiles maker Hotta Marusho, has raised roughly 9.7 billion yen (about $60 million) through convertible bonds and stock acquisition rights arranged with the Cayman-based EVO Fund. It set aside about 662 million yen, near 7% of the raise, for its first ever BTC purchase. The name is the punchline: the company rebranded as a bitcoin treasury play back in 2024 and still holds zero bitcoin. A December raise that was meant to fund buying went into SpaceX and Figure AI stakes instead. Most of this round is earmarked for private equity, rare earth mining in South Africa and a robotics business, with the bitcoin slice a rounding error. It is a reminder that the treasury-company label has run ahead of any actual buying at the smaller end of the market. (Source: The Block, July 18.) Track BTC yields →
CryptoQuant says the biggest bitcoin treasury still lacks a rulebook for selling CryptoQuant reiterated that Strategy, Michael Saylor's firm, needs a systematic framework for when to buy and, now, when to sell. The pressure has already worked once. On June 29 Strategy adopted a Digital Credit Capital Framework that for the first time authorizes selling up to $1.25 billion of bitcoin, and it moved fast, offloading about 3,588 BTC for roughly $216 million between June 29 and July 5 to cover preferred dividends. CryptoQuant's point is that plugging a liquidity hole is not the same as running a discipline. Buying whenever capital is available, and selling only under duress, is not a plan, it is a reflex. For the dozens of copycat treasury firms now trading on public markets, the same critique lands on all of them. (Source: The Block, July 17.)
The AI tape that keeps moving bitcoin got another chapter this weekend A day after China's Kimi K3 topped the US frontier labs and pulled risk assets down with it, the model race kept going, with side-by-side reviews of OpenAI's GPT-5.6 Sol and Anthropic's Claude Fable 5 circulating through Saturday. None of this is crypto news in the old sense, but it matters because bitcoin has been trading as a high-beta proxy for the AI capital cycle, moving with chip and model sentiment more than anything on-chain. BTC held the $64,000 line into the weekend, near $64,480 late Saturday, having shaken off Friday's dip. On Solana, DeFi TVL sits close to $4.83 billion and stable lending is still clearing above 4% at size. The macro tape, not the order book, is the thing to watch into next week. (Source: Decrypt and DeFiLlama, live.) Browse all Solana yields →
Numbers (Updated)
- BTC: $64,480 (+0.58%)
- SOL: $75.23 (-0.04%)
- ETH: $1,858 (+0.86%)
- Solana DeFi TVL: $4.83B
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