Japanese Bitcoin Industry to Raise Approximately 800 Million Yen Through BTC Equity Investment in Partnership with ANAP Group

Key Points of This Article

• Allocation to U.S. VC firm Fulgur, with funding on November 2
• Utilizing ALC's held BTC for Lightning liquidity

Raising Approximately 800 Million Yen Through BTC Equity Investment

On the 28th, the Japanese Bitcoin industry announced that it would conduct a third-party allocation of new shares. The allocation recipients are Fulgur LLC and ANAP Lightning Capital (ALC). The total amount raised is 800,843,580 yen, which will be accepted entirely in Bitcoin (BTC) equity investment. The expected funding date is November 2, and the investment is contingent upon the fulfillment of conditions stipulated in the contract between the parties.

Additionally, the company has entered into a basic business partnership agreement with ALC regarding the routing business of the Lightning Network. The BTC held by ALC will be placed as liquidity in channels operated by the Japanese Bitcoin industry, jointly developing a domestic routing infrastructure. The company aims to "create a free payment system in Japan" and is advancing a cross-border payment mechanism that does not rely on card payments.

The Lightning Network is a technology that processes transactions outside the Bitcoin blockchain, enabling instant and low-cost micro-payments. Channels that serve as payment routes need to secure funds (liquidity). Routing refers to the role of providing this route and relaying payments between users.

Funding Allocated for Development of Payment Infrastructure "aurora"

The raised funds will be allocated for the development of payment infrastructure, recruitment, routing business, and research and development. At the core is the Lightning payment "aurora," which businesses can add to existing payment methods via API. The company, established in November 2024, also operates the e-commerce service "UseBitcoin," where products can be purchased with BTC. It has been operating the Lightning payment infrastructure through its own services for two years.

The company is concerned about instances where international brand card payments are halted due to regulations. According to the company, in 2024, multiple domestic content sales sites handling works that are not problematic under Japanese law experienced a series of card payment suspensions.

In July 2025, over 100 works were suspended from distribution on major overseas game streaming platforms due to the regulations of payment processing companies. By adding Bitcoin as a means of receiving payments, the company aims to expand its market to overseas customers who do not have cards.

Positioning of the Two Allocation Recipients

Fulgur is the Japan base of U.S. venture capital firm Fulgur Ventures. Since 2019, the company has focused its investments on Bitcoin and the Lightning Network, leading a $210 million fundraising for Blockstream in October 2024.

Fulgur and the Japanese Bitcoin industry are discussing collaboration in training engineers and disseminating information, centered around activities in Tokyo's Yotsuya and Sado City in Niigata Prefecture. Fulgur's representative, Rintaro Kawai, stated that he would continue to support as a lead investor in future fundraising efforts.

ALC is a subsidiary of ANAP Holdings, listed on the Tokyo Stock Exchange Standard, and the group is advancing a business strategy centered on Bitcoin. ALC's President, Kazuhiro Yamamoto, noted that the Japanese Bitcoin industry has structured its business with an eye toward profitability, rather than just aiming for proof-of-concept. He described the company as a "business commercialization group." The Japanese Bitcoin industry has not disclosed the allocation amounts for each of the two companies.

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