Japanese mobile game developer Enish sold its entire Bitcoin (BTC) position on 10 Jun, exiting 8.063 BTC at a loss and redirecting the proceeds towards a new yield-generating treasury strategy built around Solana (SOL) staking, according to company disclosures filed with TDnet, Japan’s official electronic disclosure platform for listed companies.
Japanese Game Developer Enish Sells Bitcoin for Solana Staking Bet
10 June 2026 - 07:22 CEST
By Oihyun Kim
The company sold Bitcoin for 79.27mn yen ($510,000), against an acquisition cost of roughly 104mn yen ($670,000) when it bought the holdings in April 2025. Enish booked a total loss of approximately 24.7mn yen ($160,000) over the holding period, with 6.22mn yen to be recorded as a non-operating expense in the second quarter.
The sale proceeds, combined with funds raised through a third-party warrant and unsecured bond issuance announced in late April, will form the seed capital for what Enish calls its "Active Treasury" business, valued at around 720mn yen ($4.6mn). The new unit will focus on staking SOL and operating a Solana validator.
Solplanet validator talks
Enish has entered talks with Solplanet, a Tokyo-based Solana infrastructure and treasury strategy firm established in November 2025, to use its white-label validator program. The arrangement would allow Enish to run a Solana validator under its own brand while outsourcing the technical infrastructure.
The company framed the pivot as a shift from passive Bitcoin holding to an active, yield-generating treasury model. Unlike simply holding Bitcoin, which offers no yield, Solana staking currently provides annual rewards in the 6%–8% range, offering Enish a way to generate returns on its treasury assets.
Listed crypto treasuries under pressure
The move comes as several listed Japanese companies holding crypto treasuries face increasing market pressure. Metaplanet, Japan’s largest Bitcoin treasury company by holdings, saw its market-cap-to-net-asset-value ratio (mNAV) fall to 0.90 this week. Chief executive Simon Gerovich indicated the company may consider a share buyback amid roughly $1.64bn in unrealized losses on its Bitcoin position.
