Def consulting,inc.
4833・Growth Market・Services
Business
Def consulting Co., Ltd. is a consulting company listed on the Growth Market of the Tokyo Stock Exchange. Its core business is the Consulting Business, which provides management consulting and on-site technical support (SES/staffing) in the IT engineering field for mid-sized, small-and-medium, and large enterprises. Since September 2025, the company has newly launched a Digital Asset Treasury Business centered on Ethereum (ETH). It is advancing a unique hybrid business model that combines an IT engineer creation platform built on an integrated cycle of "recruitment, training, and on-site support" with a next-generation financial strategy based on ETH holdings and staking operations. Consolidated net sales for FY2026 (ending March 2026) were ¥854 million (up 37.8% year on year).
Business Model
In the Consulting Business, the company develops inexperienced individuals into IT engineers through its proprietary intensive training program and provides them to client companies as on-site support (SES/staffing), building up continuous stock-type revenue. In the Digital Asset Treasury Business, funds raised through equity financing are used to acquire and hold ETH, with income gains from staking operations serving as the revenue source. In FY2026 (ending March 2026), the Digital Asset Treasury Business recorded net sales of ¥37 million (segment profit of ¥37 million).
Company Strengths
The company trains inexperienced hires into IT engineers through its proprietary intensive training program and rapidly cycles them into on-site support assignments at client locations, continuously growing the net number of deployed engineers. The client contract renewal rate remains at a high level, and Consulting Business revenue for FY2026 (ending March 2026) reached ¥816 million (up 31.8% year on year), establishing a stable, recurring-revenue business foundation.
The company launched its Digital Asset Treasury Business in September 2025, using funds raised to acquire ETH and complete staking operations. As of the end of FY2026 (March 2026), it recorded crypto asset holdings exceeding ¥1,618 million, establishing a first-mover advantage as a listed company in Japan (as of end of March 2026, based on the company's own research). Income gains from staking operations have already begun to be recognized as revenue.
Through the exercise of the 6th and 7th series of stock acquisition rights, the company raised a total of ¥4,257 million, expanding total net assets at the end of FY2026 (ending March 2026) to ¥2,413 million (up 681.4% from the previous fiscal year-end) and total assets to ¥2,577 million. Total liabilities were kept at a low level of ¥164 million, resulting in extremely low financial leverage. BPS improved to more than approximately three times the level at the end of the previous fiscal year.
ENVALITH's Perspective
Performance Trend
Revenue for FY2026 (ending March 2026) was ¥854 million (vs. ¥619 million in the prior period, +37.8%), the highest level in the past five fiscal periods. In addition to ¥817 million from the Consulting Business, the newly established Digital Asset Treasury Business contributed ¥37 million. Operating loss was ¥420 million, a slight improvement from ¥427 million in the prior period; however, due to a ¥1,690 million valuation loss on crypto assets recorded under non-operating expenses, ordinary loss expanded sharply to ¥2,152 million and net loss for the period to ¥2,154 million. While operating losses have continued for five consecutive periods, the company has shifted to a new structure in which valuation gains and losses associated with ETH holdings have become the primary driver of performance fluctuations.
Growth Strategy
Aiming for non-continuous growth through two pillars: ETH treasury management and an IT engineer development platform
The company will continue its high-speed cycle of recruitment, training, and on-site placement support to achieve a net increase in the number of active IT engineers and expand its recurring revenue base. In FY2026 (ending March 2026), Consulting Business sales reached ¥817 million, with contract renewal rates remaining at a high level. Going forward, the company plans to flexibly consider inorganic strategies such as M&A and business alliances.
As of the end of March 2026, the company held ETH with a book value equivalent to ¥1,619 million and had already begun staking operations. Going forward, the company will investigate and verify the use of DeFi protocols with safety as the top priority, and will gradually expand its operational framework to maximize income gains. Valuation gains arising from a recovery in ETH prices are also expected to contribute to earnings.
At present, the earnings forecast remains "undetermined," but the company plans to disclose a reasonable earnings forecast in a timely manner once the returns from human capital investment in the Consulting Business (net increase in active engineers) are realized and ETH staking income stabilizes. Attention is focused on whether this will mark a turning point in the earnings structure, as the first year in which both businesses contribute fully on an annualized basis.
Last updated: July 19, 2026