ENVALITH
unbanked株式会社 logo

unbanked inc.

8746・Standard Market・Securities & Commodity Futures

Official website
unbanked株式会社 logo
unbanked inc.8746

Business

unbanked Inc. (formerly Daiichi Shohin Co., Ltd.) is a company founded in 1972 and listed on the TSE Standard Market. It changed its current trade name in July 2025, and consists of two segments: the Gold Bullion Business, which conducts face-to-face and internet sales of gold bullion and issues the Crypto Asset "Kinka (XNK)," and the Non-Bank Business, which handles Real Estate-Secured Loans (Bridge Loans) and Lending-Based Crowdfunding (Fund Lending). Its main customers are domestic high-net-worth individuals, individual investors, and real estate operators. In August 2025, it made Crowd Bank Co., Ltd. (with 23 subsidiaries under it) a subsidiary, expanding to a consolidated group of 28 companies.

Business Model

In the Gold Bullion Business, gold bullion procured from outside the group is sold through three channels—domestic face-to-face sales, internet sales, and crypto assets—generating profit from the spread between purchase and sale prices. In the Non-Bank Business, Crowd Bank Capital Co., Ltd. provides Real Estate-Secured Loans (Bridge Loans) using its own capital, while Crowd Bank Co., Ltd. raises funds and extends loans through Lending-Based Crowdfunding (Fund Lending) via anonymous partnership funds, earning interest income.

Company Strengths

The company operates three channels: domestic face-to-face sales (1kg gold bullion bars), joint internet gold trading with Japan Crowd Securities (small-lot/installment investing starting from ¥1,000), and the overseas-oriented crypto asset "Kinka (XNK)". It launched the internet gold trading service in June 2021, expanding its customer base from wealthy investors to small-lot investors.

In August 2025, the company made Crowd Bank Co., Ltd. (with 23 subsidiaries) a consolidated subsidiary, entering the Lending-Based Crowdfunding (Fund Lending) business utilizing anonymous partnership funds in addition to its conventional proprietary-fund lending. Non-Bank Business revenue grew 299.9% year on year to ¥1,351 million (FY2026, ending March 2026), achieving diversification of funding sources.

The company has continued its physical gold bullion trading business since 1981 and has over 20 years of listing history since its JASDAQ listing in 2004. It holds Crowd Bank Capital Co., Ltd. and Crowd Bank Financial Services Co., Ltd., both of which hold money lending business licenses, giving it barriers to entry in regulated industries.

ENVALITH's Perspective

Net loss attributable to owners of the parent for FY2026 (ending March 2026) came to ¥3,808 million (as corrected), a sharp deterioration from the prior period's profit of ¥236 million. The equity ratio fell sharply from 74.9% to 11.3%, and equity capital declined substantially from ¥5,532 million to ¥3,046 million. Material doubt about the going-concern assumption continues to exist, and the impairment of the financial base represents the greatest risk from an investment standpoint.

In the financial results report disclosed on May 15, 2026, an error was found in the figure for net loss attributable to non-controlling interests, and a correction was made as of June 30, 2026. Net loss attributable to owners of the parent was revised from ¥3,998 million to ¥3,808 million, equity capital was revised from ¥2,856 million to ¥3,046 million, and net assets per share was revised from ¥210.61 to ¥224.64. A numerical correction occurring just a month and a half after disclosure raises questions about the reliability of the internal control and management system.

While the Gold Bullion Business benefits from the external factor of surging gold prices, sales growth slowed in FY2026 (ending March 2026), with revenue coming to only ¥9,394 million, down 1.0% year on year. The Non-Bank Business is on an expansionary trend, reaching ¥930 million on a cumulative basis through the third quarter, but it appears that the large-scale loss recorded in connection with the consolidation of Crowdbank directly hit overall performance. Compound regulatory risks also remain, including violations of listing rules, violations of the Money Lending Business Act, and litigation risk, leaving the path to earnings recovery unclear.

Growth Strategy

Three-axis growth strategy centered on multi-channel expansion of the Gold Bullion Business, Web3.0 expansion of Kinka, and buildup of Non-Bank loan balances

In addition to capturing demand for small-lot and installment investments via Japan Crowd Securities, the company is strengthening physical gold sales targeting domestic high-net-worth individuals. Surging gold prices serve as an external tailwind, but revenue growth slowed in FY2026 (ending March 2026), calling into question the effectiveness of channel expansion at this stage.

By making Crowd Bank Co., Ltd. (with 23 subsidiaries under its umbrella) a consolidated subsidiary, the company is expanding into the Lending-Based Crowdfunding (Fund Lending) business. It aims to build up loan balances by expanding funding sources through anonymous partnership funds, but a large-scale loss associated with the consolidation has directly hit FY2026 (ending March 2026) results, making the realization of integration synergies an urgent priority.

The company is developing Kinka, a crypto asset linked to physical gold, as a Web3.0 business to diversify revenue sources. While it carries risks of tightened regulation and trading suspension, the company aims to establish a unique position by leveraging first-mover advantage.

Last updated: July 19, 2026