Japanese game company Enish (3667.T) sold off all of its holdings in Bitcoin (BTC) and booked a loss. It is reportedly turning toward staking in the Solana ecosystem. However, dropping BTC prices have left some major companies to reconsider their strategy.
The company reportedly sold 8.063 BTC for around 79.27 million Japanese yen ($510,000). The company purchased the coins in April 2025 for around 104 million Japanese yen ($670,000). Thus, the total round trip resulted in a loss of around 24.7 million yen ($160,000). Only 6.22 million ($40,000) of which affects the current quarter as a non-operating expense; prior quarterly revaluations absorbed the rest.
In isolation, a sub-million BTC liquidation from a small game developer would not be significant. The key significance in the timing lies in the fact that Enish represents the second listed company in just ten days that has bucked the trend of hoarding Bitcoin reserves.
Cracks emerge in Bitcoin Treasury strategies
On June 1, Strategy, formerly known as MicroStrategy, revealed in an 8-K report that it had disposed of 32 BTC between May 26 and May 31, marking the first time since December 2022 that it liquidated its crypto position for tax loss purposes. The sale was a small one worth only $2.5 million (with an average BTC price of $77,135), breaking a multiyear streak of purely buying BTC on the books of the world’s biggest corporate Bitcoin holder.
Meanwhile, Metaplanet, which operates as Japan’s largest holder of BTC treasuries in terms of holdings, saw its mNAV metric fall to 0.90, pushing its CEO, Simon Gerovich, to consider a buyback amid more than $1.64 billion worth of paper losses, Sandmark writes. The mNAV metric is used to gauge the market capitalization of a publicly traded cryptocurrency-related company versus the net asset value. If a company’s mNAV is under 1.0, then the market thinks less of its stock than of the company’s asset base.
Corporate Bitcoin treasury models face renewed scrutiny despite strong institutional adoption.
Nothing about this diminishes the value or importance of Bitcoin. Since the inception of US-listed Bitcoin spot ETFs in early January 2024, they have successfully raised over $45 billion in total net inflows, according to figures. Strategy continues to hold a staggering 843,706 BTC, which translates to over 4% of Bitcoin’s capped supply of 21 million BTC.
According to Enish’s June 3 disclosure, the DAT 1.0 strategy “relies primarily on gains from appreciation in crypto asset prices,” noting that such a plan is becoming more and more challenging in the face of increasing market volatility. In contrast, DAT 2.0 looks to earn “continuous income through staking rewards and validator operations.”
Enish bets on Solana staking
Enish intends to use the funds received from the sale of Bitcoin and from issuing the warrant and bond on April 27 to engage in its “Active Treasury” project, estimated at 720 million yen ($4.6 million). Sandmark in a report, mentioned that the strategy centers on Solana, whose native token offers annual staking yields that the company pegs at 6% to 8%.
The company has reached out to Solplanet, the Japanese Solana-based blockchain infrastructure provider founded in November 2025, about using its white-label validator program. The program lets a listed company run a Solana validator under its own brand while outsourcing the underlying node operations.
The governance for the new business will be overseen by Masataka Kakitani, a director nominee, while external advisors will provide guidance on risk management and disclosures, according to BigGo Finance. The extraordinary shareholder meeting held on June 9 would have ratified the changes to the charter to facilitate the pivot.
Is Solana staking a better choice?
Enish is developing a Solana validator, and at this point, nobody knows if the validator will earn anything at all. Enish informed prospective investors that the validator will not impact 2026 earnings, and profits (or lack thereof) in the meantime have no real significance. The point is, even the corporate stakeholders with less than 1% equity know that Bitcoin is not a ‘held forever’ asset. It is a means to raise cash and acquire income-generating assets; the same can be said for Metaplanet’s mNAV if it continues to decline. Larger treasury firms will have the same consideration.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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