ANAP Reports Bitcoin Valuation Loss of 4.37 Billion Yen, Reversing Previous Period's Valuation Gain of 1.2 Billion Yen

Key Points of This Article

• Previous period had a valuation gain of approximately 1.2 billion yen, now reversed
• Ordinary loss of 6.76 billion yen, sales increased by 20.0%

Valuation Loss on BTC Held at End of August

ANAP Holdings announced on the 15th that it recorded a valuation loss of 4.37466 billion yen for the consolidated financial results for the fiscal year ending August 2026 (from September 2025 to August 2026) as an extraordinary loss. This valuation loss pertains to Bitcoin (BTC) held by its consolidated subsidiary, ANAP Lightning Capital, as of August 31.

According to the financial results announcement released on the same day, the ordinary loss was 6.762 billion yen, and the net loss was 7.323 billion yen. The net loss expanded approximately 2.8 times from the previous period's 2.66 billion yen.

The valuation loss is an accounting treatment that reassesses the value of cryptocurrencies held at market price at the end of the period, recording the decline in value since acquisition as a loss. This can occur even if BTC has not been sold, and does not involve cash outflow. In the previous fiscal year ending August 2025, a valuation gain of 1.21856 billion yen was recorded based on the market valuation of Bitcoin.

Valuation Loss Disclosed During the Period and Operating Profit and Loss

The company has disclosed the amount of valuation loss at each financial announcement during the period. On January 14, it reported 1.96458 billion yen, on April 14, 7.88025 billion yen, and on July 15, 5.58644 billion yen, indicating that the total amount recorded at the end of the period, reassessed at market price, was below the levels reported at the interim period.

On the operating side, while sales increased by 20.0% to 2.128 billion yen compared to the previous period, the operating loss expanded to 2.155 billion yen, up from 1.456 billion yen in the previous period.

ANAP announced the start of its Bitcoin business in June 2025. According to a disclosure on September 11, the amount held as of the end of August was 1,432.16 BTC, with a market valuation of approximately 17.98 billion yen. The company has continuously recorded operating losses, ordinary losses, and net losses since the fiscal year ending August 2020, and the financial results announcement includes notes regarding the assumption of going concern.

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