ANAP WILL PAY ¥798.64 MILLION IN BITCOIN FOR 19.96% OF A LIGHTNING STARTUP — THE OTHER BUYER IS FULGUR, RUN BY ANAP’S OWN PRESIDENT — ANAP’S NOTICE DOESN’T NAME IT

At 17:00 Tokyo time on October 28, 2026, ANAP Holdings, a Tokyo-listed company that holds bitcoin on its balance sheet, said its subsidiary ANAP Lightning Capital will buy 268,000 new shares of Japan Bitcoin Industry, a Lightning payments startup founded in November 2024. The price is ¥2,980 a share, ¥798,640,000 in all, paid in bitcoin. That’s 19.96% of the startup. The coin count gets fixed at an October 30 reference price, and payment is due November 2, pending a startup shareholder vote set for October 29. At bitFlyer’s yen price at 16:39 UTC on October 28, it works out to about 62.8 bitcoin, or 4.38% of the 1,432.16 ANAP reported holding at August 31.

There was one other buyer, and ANAP’s notice doesn’t name it. Japan Bitcoin Industry’s own release, out 10 minutes later, says it raised ¥800,043,580 from two buyers: ANAP’s unit and Fulgur GK, the Japan arm of Fulgur Ventures. It lists Fulgur’s CEO as Rintaro Kawai. ANAP’s notice is issued under the name of its president, Rintaro Kawai, and ANAP’s January 2025 director filing lists him as Fulgur GK’s representative since June 2021. Neither release says what Fulgur paid. Take ANAP’s part out of the total and ¥1,403,580 is left. At the same ¥2,980, that’s 471 shares.

So who pays? ANAP’s side puts up 99.82% of the money, all of it in bitcoin from a public company’s balance sheet. The ¥2,980 price came from a discounted cash flow valuation by Akasaka International Accounting, and it values the startup’s 1,073,882 existing shares at about ¥3.2 billion. ANAP’s notice says it wanted to publish the startup’s major shareholders and its recent results, and the startup didn’t agree. Fulgur, meanwhile, says in the release that it will lead the startup’s future fundraising.

There’s a second use for ANAP’s coins. Both releases say its unit will supply its own bitcoin as Lightning liquidity to earn routing fees, and the startup’s release says those coins go into channels the startup runs. Neither says whose keys sign for them. A coin paid out for shares is no longer ANAP’s to move. It’s a claim on a private company that wouldn’t let its numbers be published. At the time of this writing, bitcoin was $80,441.