In a significant shift from its traditional retail roots, Japan’s clothing retailer Mac House has rebranded to Gyet Co. as part of a broader strategy to engage with digital assets. The company has launched an ambitious Bitcoin treasury strategy, having acquired 106.6536 BTC worth approximately 1.8 billion yen (around $12 million). This move marks Gyet Co.’s intent to eventually build a reserve of 1,000 BTC, which would be valued at over $100 million based on current market conditions.
Originally, Mac House outlined its plans to invest in Bitcoin in July, signaling a strategic pivot towards the burgeoning cryptocurrency landscape. The rebranding to Gyet Co. reflects a more diverse business model, with Mac House continuing to operate as a subsidiary under this new umbrella that emphasizes investments and holdings. Alongside Bitcoin, the company’s strategy allows for further exploration of alternative cryptocurrencies and potential yield-generating opportunities, including lending and staking.
Gyet Co. has also identified additional areas for growth, incorporating interests such as artificial intelligence, crypto mining, venture investments, and mergers and acquisitions. In a strategic partnership established in August, Gyet Co. collaborated with Zero Field to create a dual-revenue data center focused on both generative AI and cryptocurrency mining, further diversifying its revenue streams.
Moreover, the company plans to integrate Bitcoin payment options across its online and physical stores while exploring innovative concepts like cryptocurrency rewards and NFT products.
The market responded enthusiastically to Gyet Co.’s initial announcement and subsequent fundraising efforts, with the company’s share price skyrocketing by 365% in just one week. Although the stock value has since stabilized, it remains more than double its pre-Bitcoin strategy levels, indicating sustained investor optimism regarding the firm’s new direction.
Japan has increasingly become a hotspot for public market cryptocurrency investment. Following NEXON’s major Bitcoin purchase in 2021, several companies, including Metaplanet, Remixpoint, ANAP Holdings, and Convano, have joined the trend of corporate Bitcoin treasury accumulation. Metaplanet, in particular, stands out for its aggressive strategy, having amassed a total of 25,555 BTC, positioning it as the fifth-largest corporate holder of Bitcoin worldwide.
As Gyet Co. embarks on this transformative journey, the company’s foray into digital assets reflects a broader trend within the Japanese market, signaling a growing acceptance and integration of cryptocurrency within mainstream business strategies.
