#119 BTC Company🇯🇵Japan

Merchant Bankers

mbkworld.co.jp

Merchant Bankers (MBK) is a Tokyo-listed investment and real estate company that bought BTC in September 2025 as a hedge against a weak yen and inflation.

Balance Sheet Holder

Financial Services

Tokyo Stock Exchange:3121

BTC holdings: 17.613
Cost Basis: $1.9M
Average cost / BTC: $107,646
Change since start of year: —

Market Cap: $47.22M
Enterprise Value: $102.98M
mNAV: —
Holdings per Share (BTC): —

Balance sheet values as of Jul 31, 2026, basic shares as of Jul 31, 2026: TDnet · Sep 11, 2026

Asset holdings

Latest reported holdings for each asset. Cost Basis is the reported total cost. It can include fees and staking income. It does not give the date or price of each Purchase.

Asset	Holdings	Cost Basis	As of	Sources
BTC	17.61299	¥300,000,000.00 JPY	Oct 31, 2025	Annual Securities Report · Jan 28, 2026 +1 more TDnet · Sep 29, 2025

HoldingsBTC vs USD value

17.613 BTC

$1.3M USD value · as of 2026-11-10

BTC Holdings (left)
USD Value (right)

BTC Reserve

17.613 BTC

Average Cost $107,646 / BTC · 1 Purchase and 0 Sales since 2025-09-29

Holdings
Average Cost
Purchase (size = amount)
Sale (size = amount)

BTC historical holdings

Date	Change	Holdings	Cumulative cost	Average Cost	Sources
Oct 31, 2025	+0.01299+0.07%	17.613	$1.9M	$107,646	Annual Securities Report · Jan 28, 2026 +1 more TDnet · Sep 29, 2025
Sep 29, 2025	—	17.6	$1.9M	$107,726	TDnet · Sep 29, 2025
Sep 29, 2025Purchase	+17.6	—	—	—	TDnet · Sep 29, 2025

Advanced metrics

Date	BTC holdings			Shares outstanding		Stock price	Market Cap		Financials
Date	Balance	Cost Basis	Value	Basic	Diluted	Stock price	Basic	Diluted	Cash	Debt
Oct 31, 2025	17.613	$1.9M	$1.93M	—	—	$1.60	—	—	—	—
Sep 29, 2025	17.6	$1.9M	$2.01M	—	—	$1.75	—	—	—	—