ENVALITH
株式会社ANAPホールディングス logo

ANAP HOLDINGS INC.

3189・Standard Market・Retail Trade

Official website
株式会社ANAPホールディングス logo
ANAP HOLDINGS INC.3189

Business

ANAP Holdings, Inc. traces its roots to the casual apparel brand "ANAP," founded in 1992, and transitioned to a holding company structure in April 2025. The company is listed on the TSE Standard Market. It currently operates four segments: (1) store, wholesale, and licensing operations (27 directly operated stores nationwide), (2) internet sales operations (ANAP Online Shop), (3) esthetic and relaxation salon operations (beauty and relaxation), and (4) investment-related operations (Bitcoin treasury). Its core customer base centers on women in their teens through late twenties, but large-scale capital allocation to the Bitcoin business is rapidly transforming its business portfolio. Following the establishment of a turnaround ADR (Alternative Dispute Resolution) in July 2024, the company underwent financial restructuring and is now pursuing business transformation under a new management structure.

Business Model

In the apparel business, revenue is generated through four channels: directly-operated store sales, wholesale, license royalties, and proprietary e-commerce. The esthetic and relaxation salon business is transitioning from a prepayment model to a subscription model. In the investment-related business, the subsidiary ANAP Lightning Capital acquires and holds bitcoin, recording valuation gains in non-operating income. As of the end of August 2025 (FY2025), the company held 1,017 BTC (unrealized valuation gain of ¥1,218 million), with cryptocurrency accounting for the majority of assets (¥16,252 million out of ¥17,952 million in current assets).

Company Strengths

In July 2024, the business turnaround ADR was established, and by October of the same year, repayment of outstanding debt to all financial institutions involved was completed. A gain on debt forgiveness of ¥1,399 million was recorded, and through payments for new shares and new share warrants, net assets at the end of FY2025 (ending August 2025) reached ¥12,644 million, resolving the negative net worth condition.

Since its founding in 1992 and the opening of the first ANAP Harajuku store in 1993, the company has developed multiple brands including ANAP, ANAP KIDS, ANAP GiRL, and BASICKS. As of the end of FY2025 (ending August 2025), it maintained 27 directly-operated stores nationwide, spanning diverse locations from the Harajuku flagship store to large suburban shopping malls.

As of the end of FY2025 (ending August 2025), the company held 1,017 BTC and recorded a valuation gain of ¥1,218 million. Of the ¥18,319 million in current assets, crypto assets accounted for ¥16,252 million, establishing an asset base that contributes significantly to financial indicators during periods of rising Bitcoin prices.

ENVALITH's Perspective

Ordinary loss for the cumulative nine months of FY2026 (ending August 2026) expanded sharply to ¥7,475 million (versus ¥794 million in the same period of the prior year). The main cause was a ¥5,586 million valuation loss on crypto assets recorded as non-operating expenses. All four business segments were also in the red (Stores: -¥305 million, EC: -¥98 million, Salon: -¥562 million, Investment: -¥19 million), and the structural challenge of SG&A expenses (¥2,013 million) exceeding revenue (¥1,703 million) remains serious.

Approximately 88% of total assets consist of crypto assets, meaning fluctuations in Bitcoin prices (an external factor) directly and significantly affect the financial statements. In the current quarter, a valuation loss of ¥5,586 million was the main cause of the net loss of ¥7,765 million. In contrast, a valuation gain of ¥82 million was recorded in the same period of the prior year, indicating extremely large swings in profit and loss. The material uncertainty regarding the going concern assumption has also been explicitly noted by the auditor, making this the most critical risk for investment decision-making.

During the cumulative period, the number of shares outstanding increased by approximately 21%, from 37,893,500 shares to 45,874,400 shares, due to the exercise of stock acquisition rights. As a subsequent event, the issuance of the 10th stock acquisition rights (equivalent to 1,776,200 shares) has also been resolved. Furthermore, the full-year earnings forecast for FY2026 (ending August 2026) remains undetermined, stated only as "to be disclosed promptly once disclosure becomes possible." The combination of dilution risk and uncertainty over earnings outlook continues to make it difficult for institutional investors to arrive at an appropriate valuation.

Growth Strategy

Business portfolio transformation through building a Bitcoin ecosystem and rebranding the existing apparel and salon businesses

Promoting rebranding tailored to the age group and preferences of brand customers. Store and wholesale sales reached ¥1,029 million, up 38.2% year on year, driven by the effect of new brand rollouts. The company is working to improve gross profit through a review of product cost ratios and an increase in direct overseas procurement, but segment loss remained at ¥304 million, roughly flat year on year, due to increased advertising expenses.

EC sales reached ¥272 million, up 92.9% year on year, driven by a concentrated focus on the company's own site and other highly profitable third-party sites. The company is advancing efforts to strengthen SNS-based advertising methods and improve customer experience through a comprehensive overhaul of the EC system. However, segment loss expanded to ¥98 million (from ¥54 million in the same period of the previous year) due to increased advertising expenses.

The beauty salon business operated by ARF Corporation and AEL expanded, with sales of ¥406 million (up 210.2% year on year), but segment loss sharply expanded to ¥562 million due to instability in business succession and the burden of advertising expenses. An impairment loss of ¥48 million associated with the closure of unprofitable stores has been recorded as business restructuring loss, and monetization efforts remain in progress.

Promoting Bitcoin holding and management through ANAP Lightning Capital Co., Ltd. The company expanded the borrowing limit under its revolving loan agreement from ¥9,000 million to ¥10,000 million and newly concluded a revolving loan agreement for an M&A fund facility of ¥3,000 million (June 18, 2026). The cryptocurrency asset balance stood at ¥16,177 million as of the end of May 2026. However, the company recorded a valuation loss of ¥5,586 million during the current quarter, exposing market volatility risk.

Issued the 10th series of stock acquisition rights (17,762 units, covering 1,776,200 underlying shares, exercise price of ¥119 per share) as of July 10, 2026. These are tax-qualified stock options granted to a total of 125 individuals, comprising 4 directors and 22 employees of the company and 2 directors and 97 employees of subsidiaries. The exercise period runs from July 2028 to July 2036. The aim is to provide incentives for personnel retention and performance improvement across the group as a whole.

Last updated: July 17, 2026