Japan's Enish Sells All Bitcoin Holdings, Pivots to Solana-Focused Treasury Strategy

Tokyo Stock Exchange-listed game developer Enish (TSE: 3667) sold its entire bitcoin holding on June 9, 2026 and formally reoriented its digital asset strategy around SOL staking and validator operations. The move marks the most direct pivot by a Japanese listed company from passive crypto holding to active Solana network participation.

Enish Sells 8.063 BTC at a ¥6.22M Loss

Enish acquired 8.063 BTC in April 2025 for approximately ¥104 million. The company sold that position on June 9 for ¥79.27 million, recording a ¥6.22 million loss against the March 31, 2026 book value of ¥85.49 million. The loss will appear as a non-operating expense in the second quarter of the fiscal year ending December 2026.

The company stated in its TSE filing that the proceeds will fund the "Active Treasury Business," its new operating model with Solana as the core asset.

DAT 2.0: From Holding to Operating

Six days before the sale, Enish announced a strategy it calls "DAT 2.0" (Digital Asset Treasury 2.0). The first iteration relied on price appreciation from cryptocurrency holdings. The updated model targets recurring revenue through staking rewards, delegation income, and validator operations on the Solana network, with a planned Active Treasury scale of approximately ¥720 million.

The framework positions Solana as operating infrastructure rather than a balance-sheet asset, aligning Enish with a growing cohort of public companies treating SOL's staking yield as a functional revenue stream.

SOLplanet Partnership

Alongside the sale announcement, Enish disclosed that it has entered discussions with SOLplanet, a Tokyo-based Solana infrastructure firm founded in November 2025. SOLplanet's team has operated Solana validators for over four years and claims Japan's largest domestic delegation volumes.

The companies are exploring SOLplanet's "White Label Validation Program," an enterprise service that allows corporations to build and operate Solana validators under their own branding. The scope under review includes validator design and construction, staking configuration, delegation acquisition, performance monitoring, and on-chain data management. No binding agreement has been announced.

Solana Treasury Adoption Across the Asia-Pacific Region

Japan and Australia are both producing public companies that treat SOL as a primary treasury asset. SBI VC Trade, the crypto arm of SBI Holdings, recently took over trading, custody, and asset management for WIZE's approximately 121,000 SOL treasury, with WIZE also running a validator in the Solana Foundation Delegation Program. Australian company Fitell has committed $100 million in convertible notes to build a SOL treasury and is pursuing an ASX listing under the Solana Australia Corp brand.

The Enish move adds a distinct angle: a company converting an existing BTC position directly into Solana network operations rather than simply adding SOL alongside other assets. The deliberate exit from bitcoin at a loss signals a strategic preference rather than opportunistic allocation.

Enish's Core Business and Treasury Scale

Enish is a mobile game developer listed on the Tokyo Stock Exchange. Its digital asset treasury activity remains a secondary undertaking relative to that core business, and the ¥720 million Active Treasury target represents an expansion of operations rather than a transformation of the company's primary business. Whether the validator and staking revenue model will meaningfully contribute to the bottom line will depend on delegation volumes and network conditions that are not yet in place.