IORE Inc., a Tokyo Stock Exchange Growth market listing, has decided to sell all of its 151.21 Bitcoin. The board approved the move on Friday. The company expects about ¥1.831 billion in proceeds. That figure was based on the market price on October 30. It is below the ¥2.085 billion book value from the September 30 valuation. The expected loss is around ¥254 million.
Why the company is selling
IORE says cyber threats are expanding and touching the digital supply chain. Against that backdrop, it reviewed the risks and potential returns of holding crypto versus putting money into its business. The board reset capital allocation. The sale will run from October 30 to the end of November through a crypto asset exchange provider. It may be split into tranches, so the final yen amount depends on prices during the window. Proceeds are set for the AI data center and AI compute business, often called neocloud. The money is scheduled for early December. The loss will be booked in cost of sales in the third quarter of the fiscal year ending March 2027.
AI budget grows as crypto plan shrinks
Along with the Bitcoin sale, IORE changed the use of proceeds from stock acquisition rights disclosed on September 9, 2025. Allocation for AI data center investment rises from ¥2.0 billion to ¥2.6 billion. Planned digital asset purchases fall from ¥8.49 billion to ¥7.89 billion. The company says funding needs for neocloud will grow as the project takes shape. The crypto budget remains, just smaller. Hyperliquid (HYPE), which IORE began buying in July 2026, stays on the balance sheet for now. The retreat covers Bitcoin only. Any other effects will be published in the second-quarter earnings report due November 16.
Other Japanese firms have also sold
The move fits a wider pattern among Japanese listed companies that had added Bitcoin to their balance sheets. Enish sold its entire 8.063 BTC on June 9. It had bought the coins for about ¥104 million in April 2025 and sold for roughly ¥79.27 million, booking a loss of about ¥6.22 million to fund a Solana-centered treasury business. Convano sold all crypto holdings except those for shareholder benefits and collateral, completing the sale by August 10 with a loss of about ¥298 million. These exits weaken the corporate Bitcoin maximalism that treated holding through cycles as strategy.
Bitcoin traded at $77,456 at the time of writing, up 0.4% over 24 hours. The market has softened since late October. IORE’s order is small compared with daily volume, so it is unlikely to move liquidity. The yen price realized by the end of November matters more. A slide toward $75,074 support would trim the proceeds. IORE still has ¥1.831 billion in cash to put toward a ¥2.6 billion AI investment plan. That leaves a gap, perhaps covered by other funding. For now, the company is trading a volatile balance-sheet asset for infrastructure spending.
