Evo Fund Cuts Stake in Bitcoin Japan (8105) to 49.54% | Large Shareholding Report

A large shareholding report (EDINET filing) shows that Evo Fund has reduced its stake in Bitcoin Japan (8105) to 49.54%. The company operates as a fiber trader with wholesale operations in traditional Japanese clothing and jewelry, women's apparel and mattresses, and manufactures decorative twisted yarns while running AI and digital asset management businesses. The 49.54% stake maintains its position as the company's largest shareholder controlling approximately half the outstanding shares, though it represents a decline of 1.22 percentage points from the previous disclosure.

Staged Reduction Beginning in Mid-August

Evo Fund has filed four large shareholding reports on this stock, with the earliest dated August 10, 2026, showing a 50.19% stake. Today's 49.54% reflects a decline of 0.65 percentage points in just 18 days. The estimated sale proceeds reached ¥70 million at the filing date's stock price of ¥90. The pattern of multiple filings indicates a systematic selling process is underway rather than a single transaction.

Event-Driven Fund's Multi-Sector Portfolio

Evo Fund operates as an event-driven investment fund under Evolution Japan. Its 5%-plus holdings span 36 companies, revealing a diversified yet concentrated strategy. The largest position is Pixela at 60.71% in electrical machinery, suggesting significant exposure to that sector. Retail stocks feature prominently with ANAP Holdings at 54.95% and Kaipo at 45.85%, yet the portfolio extends to information and communications through Altplus at 42.58% and pharmaceuticals through Delta-Fly Pharma at 41.97%. Bitcoin Japan, as a wholesaler, occupies a distinct business segment within the broader holdings.

Bitcoin Japan's Concentrated Shareholder Base

The company's major shareholders follow a concentrated pattern. Bakkt Opco Holdings LLC ranks second with 24.86%, maintaining a gap of over 24.68 percentage points below Evo Fund's dominance. RIZAP Group sits at 4.96%, positioned just below the reporting threshold where status changes could occur. Macquarie Bank Limited holds 1.72%, underscoring how tightly held the stock remains among top-tier investors.

Selling at the 52-Week Low

At the filing date, the stock price of ¥90 placed it at the 0% position within its 52-week range, indicating proximity to the year's low point. The Price-to-Book ratio stood at 1.45x. The timing of this reduction at depressed valuations suggests deliberate portfolio rebalancing rather than forced liquidation.

*Speculation: As an event-driven fund maintaining controlling influence while executing staged reductions, Evo Fund may be responding to operational changes within Bitcoin Japan—possibly its shift toward AI and digital asset management—or reallocating across its broader 36-stock portfolio to capture emerging opportunities elsewhere.