MARUSHO HOTTA CO.,LTD.
8105・Standard Market・Wholesale Trade
Business
Bitcoin Japan Corporation (formerly Hotta Marumasa Co., Ltd.) is a long-established textile wholesaler founded in 1894. It operates primarily through four businesses: the Kimono Business (wholesale of Japanese clothing and jewelry), the Fashion Business (wholesale and direct sales of women's and children's apparel), the Material Business (manufacturing and wholesale of Fancy Yarn (Novelty Twisted Yarn)), and the Lifestyle Business (wholesale of mattresses, etc.), operating as a group of five companies including its consolidated subsidiary Hotta (Shanghai) Trading Co., Ltd. In November 2025, the company changed its corporate name and newly launched an "investment-related business" that invests in growth areas such as AI infrastructure, data centers, and digital assets. It has established three overseas subsidiaries in the United States, the United Kingdom, and the UAE, and is proceeding with a transition to a dual-axis management structure combining its existing textile wholesale business with the new investment business. Its main customers are domestic retailers such as department stores, mass merchandisers, and specialty stores.
Business Model
In existing businesses, the company conducts product planning, procurement, and wholesale sales across the Kimono, Fashion, Material, and Lifestyle segments, with gross profit as the main source of revenue. The Material Business also holds manufacturing functions at its Shanghai subsidiary. In the new investment-related business, the company invests in AI infrastructure, digital assets, and other areas through overseas subsidiaries such as BTCJPN US LLC, aiming to secure dividend income and disposal gains. The Real Estate Leasing Business (Others segment) provides stable rental income.
Company Strengths
The Fashion Business recorded net sales of ¥1,441 million and operating profit of ¥2 million in FY2026 (ending March 2026), achieving a turnaround to profitability from an operating loss of ¥30 million in the previous fiscal year. This was driven by a combination of factors: increased sales and profit from a higher number of broadcasts in the Shop Channel Division (D2C/TV Shopping), fixed cost reductions from withdrawal from unprofitable brands, and improved gross margin from strengthening PB and ODM products.
The operating loss in the Material Business narrowed significantly to ¥23 million in FY2026 (ending March 2026), down from ¥53 million in the previous fiscal year. This was attributable to strong sales to Japan resulting from strengthened collaboration between the domestic business and the Shanghai business, as well as substantial cost reductions in both the domestic and Shanghai operations, which contributed to the reduced loss.
In FY2026 (ending March 2026), the company recorded proceeds from the issuance of shares associated with the exercise of stock acquisition rights of ¥1,852 million, resulting in an increase in cash and deposits of ¥2,540 million, with a fiscal year-end balance of ¥3,015 million. The equity ratio rose to 86.2% (from 80.3% in the previous fiscal year), improving financial soundness. This serves as a funding base for investment-related businesses.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥3,702 million in FY2022 (ending March 2022) and has declined for 5 consecutive periods, falling to ¥2,959 million in FY2026 (ending March 2026) (down 4.5% year on year). Operating loss widened to ¥462 million in FY2026 (ending March 2026) from ¥355 million in the prior period, marking the 8th consecutive period of operating losses. Net loss also worsened to ¥537 million (from ¥407 million in the prior period). As an external factor, higher procurement costs and logistics costs driven by yen depreciation pressured profitability across all segments. Meanwhile, an inflow of ¥1,856 million in financing cash flow from the exercise of stock acquisition rights caused period-end cash to surge to ¥3,015 million. By segment, the Fashion Business was the only segment to turn to an operating profit (¥2 million), while the Kimono Business, Lifestyle Business, and Material Business each remained in losses. An impairment loss of ¥42 million (related to the Kimono Business, Western Clothing Business, and company-wide assets) was also recorded as an extraordinary loss.
Growth Strategy
In parallel with improving profitability in the existing textile wholesale business, the company is accelerating investment in AI infrastructure and Bitcoin-related businesses
Utilizing funds raised through the exercise of stock acquisition rights, the company is accelerating investment in AI infrastructure and Bitcoin-related businesses, aiming to diversify revenue opportunities and expand its business portfolio. However, given the high uncertainty in market price fluctuations and the timing of investment recovery, the earnings forecast remains undetermined.
The company continues to achieve increased revenue and profit through an increase in the number of broadcasts in the TV Shopping (Shop Channel) division, while improving gross margin through strengthening of PB and ODM products. In FY2026 (ending March 2026), the Fashion Business achieved an operating profit of ¥2 million, an improvement from the operating loss of ¥30 million in the previous period.
The company is promoting a single-vendor floor system in the department store division to expand sales floor space. In FY2026 (ending March 2026), revenue increased, but the operating loss expanded to ¥119 million (from ¥96 million in the previous period) due to the burden of increased sales costs associated with the shift to single-vendor floors. Cost management remains a challenge.
Through significant cost reductions and strengthened coordination between domestic and Shanghai operations, the operating loss narrowed from ¥53 million (previous period) to ¥23 million (FY2026). Despite challenging domestic demand conditions in China, the Shanghai operation saw favorable trends in sales directed toward the domestic (Japanese) market. The goal is to continue narrowing the loss.
Last updated: July 19, 2026