Tokyo-listed IORE (TSE Growth: 2334) said on Friday 30 October 2026 that it will sell all 151.21 bitcoin it holds by the end of November and put the cash into AI data centres. In its notice on Japan’s TDnet disclosure system, the company expects about ¥1.831 billion ($11.6 million) from the IORE bitcoin sale and a loss of about ¥254 million ($1.6 million) against the position’s 30 September valuation.
This is a reallocation rather than an exit from crypto. The same two-page filing says IORE will go on holding its HYPE tokens, and it still budgets ¥7.89 billion (about $50 million) for digital-asset purchases through September 2027. The stated reasons are the appeal of AI infrastructure as a business and a rise in cyber threats, with no incident named.
Dollar figures here use the ECB reference rate of ¥157.25 on 30 October, and ¥157.00 on 30 September for the book value.
What the IORE bitcoin sale filing says
The board approved the sale on 30 October. IORE plans market sales through crypto-asset exchange operators, split into several orders if needed, from that day until the end of November. It does not say which exchanges, or whether any coins had been sold when the notice went out.
| Item | Filing figure | In dollars |
|---|---|---|
| Bitcoin to be sold | 151.21 BTC (entire holding) | n/a |
| Book value, fair value at 30 Sep | ¥2,085 million | about $13.3 million |
| Expected proceeds, at 30 Oct prices | ¥1,831 million | about $11.6 million |
| Expected loss | about ¥254 million | about $1.6 million |
| Implied sale price per BTC (our calculation) | about ¥12.11 million | about $77,000 |
| Implied book price per BTC (our calculation) | about ¥13.79 million | about $87,800 |
Those proceeds rest on the 30 October market price, and IORE warns that both the proceeds and the loss will move with bitcoin. The implied sale price sits close to the market: bitcoin traded near $77,770 around 05:46 UTC on 1 November. A sale of $11.6 million spread over a month is small beside the net $643.33 million that left US spot bitcoin ETFs on 30 October alone, by SoSoValue’s count, and no source reports any market effect.
Where the money goes: AI data centres and a neocloud business
IORE describes AI infrastructure, the industries built on it and the social change that follows as the field it wants to work in. The bitcoin cash will go first to AI data centres and to supplying AI computing power, a line the filing also calls its neocloud business. Spending is planned for early December.
The budget for that business rises from ¥2 billion to ¥2.6 billion ($16.5 million), because IORE now expects to need ¥600 million more as the neocloud plan takes shape. The filing shows how the total is reached: ¥600 million already allocated, ¥1.831 billion from the bitcoin sale and ¥169 million from future warrant exercises. So about 70% of IORE’s whole AI data-centre budget comes from selling this one position. The filing gives no site, capacity or customer.
A ¥254 million loss against September’s valuation, not against cost
The ¥254 million is the gap between expected proceeds and a book value already marked to fair value at 30 September, about 12.2% below it. The filing does not say what IORE paid for its bitcoin, so its loss against purchase cost is unknown.
One partial marker exists. CoinPost reported on 20 December 2025 that IORE then held about 101.57 BTC at an average of about ¥15.39 million per coin. The implied sale price of ¥12.11 million is about 21% below that average, a comparison that holds for that tranche only. The holding then grew by a net 49.6 BTC or so, and we could not find when or at what price.
The loss goes into cost of sales in the third quarter of the fiscal year to March 2027. IORE says any change to the estimate will appear in its fiscal second-quarter earnings summary on 16 November.
The ¥7.89 billion digital-asset budget survives
The money behind IORE’s crypto buying came from its 14th and 15th stock acquisition rights, issued under a plan disclosed on 9 September 2025. So far they have raised ¥4.12 billion, of which ¥3.52 billion went to digital assets and ¥600 million to the AI data-centre business. The filing does not split that ¥3.52 billion between bitcoin and HYPE.
| Use of funds (¥ million) | Before | After | Period |
|---|---|---|---|
| Digital-asset purchases | 8,490 | 7,890 | Sep 2025 to Sep 2027 |
| AI data-centre business | 2,000 | 2,600 | Feb 2026 to Sep 2027 |
| Strategic stakes and investments | 1,500 | 1,500 | Feb 2026 to Sep 2027 |
| Total | 11,990 | 11,990 |
The ¥7.89 billion is not all fresh buying. It equals the ¥3.52 billion already allocated, minus the ¥1.831 billion recovered from this sale, plus ¥6.201 billion (about $39 million) planned from future warrant exercises. That last sum is an estimate that depends on IORE’s share price, and the digital-asset line absorbs any gap between that estimate and what comes in. After the change, digital assets still take about 66% of the ¥11.99 billion plan, while AI data centres go from about 17% to about 22% (our arithmetic).
A company leaving crypto would not write that plan, though it does not commit IORE to bitcoin either. The line has read “digital assets” rather than bitcoin since 16 July, according to CoinPost, and the filing does not say whether IORE will buy BTC again.
Cyber threats are cited, but no incident is named
Alongside the AI case, IORE writes that cyber threats are “expanding rapidly” (our translation from the Japanese) and that handling risk across the whole digital supply chain matters more than before. On that basis, it says, it weighed the risks and value of holding assets against those of investing in the business.
The notice goes no further. It names no attacker, no incident and no platform, and it does not mention Binance. The Binance hack happened on 29 October, the day before the notice, but nothing in the document connects the two, and CoinPost’s report of 31 October does not link them either. Whether that event had any bearing on the board’s decision is not known.
IORE has gone further than Next Technology Holding, which said the same day that its board had authorised selling or pledging its 5,833 BTC. No sale has been reported there, while IORE has put dates on its own. No report connects the two decisions.
Fourteen months of changing plans at IORE
IORE set up its warrants in September 2025 and announced a project called Neo Crypto Bank on 14 October, a planned Web3 app for holding crypto, making payments and managing assets. By December, CoinPost reported, it was aiming to acquire ¥12 billion to ¥16 billion of bitcoin in the fiscal year to March 2026 and to put the coins quickly into lending. The position it is now selling is worth about a tenth of that upper figure.
The turn toward other tokens came in July 2026. After changing the wording of its funding plan on 16 July, IORE bought its first HYPE on 28 July, about 1,078.25 tokens for ¥10.08 million by its own release, and reached about ¥100 million, or 9,787.82 HYPE, by 31 August, according to CoinPost. That is the position it keeps, and at the last reported size it is small next to the ¥1.83 billion of bitcoin going out. Holdings after 31 August are not given in the filing.
Japanese crypto treasury firms are moving in different directions
A digital asset treasury is a listed company that raises money to hold crypto on its balance sheet. Several Japanese firms have changed course this year, for different stated reasons. Quantum Solutions is the closest parallel: The Block reported on 30 July that it sold 1,000 ETH for about $1.9 million, after 904 ETH on 16 June, to fund AI infrastructure and data centres. That left about 4,765 ETH.
CoinPost lists two earlier bitcoin exits. Enish announced on 9 June that it had sold all 8.063 BTC for about ¥79.27 million, against about ¥104 million paid in April 2025, to pursue a Solana-centred strategy. Convano decided on 24 July to sell its crypto, apart from holdings kept for shareholder benefits or pledged as collateral, and finished by 10 August at a loss of about ¥298 million.
Metaplanet is going the other way, moving to put 2,100 BTC into Nasdaq-listed Super League. CoinDesk wrote in August that the 2025 boom in such companies had collapsed, with most large bitcoin holders trading below the value of their coins.
What happens next for IORE
The first date is 16 November, when the earnings summary may update the loss. Sales are due to finish by the end of November, and the realised proceeds could differ from ¥1.831 billion. The cash should reach the AI business in early December.
Still open: how large the neocloud business will be, how much of the ¥6.2 billion in warrant money will actually arrive, and which digital assets IORE would buy with it.