2345
Kushim, Inc.
株式会社クシム
Information & Communication
HODL 1,inc. engages cryptocurrency treasury and blockchain -related businesses in Japan. It also offers consulting services. The company was formerly known as Kushim, Inc. and changed its name to HODL 1,inc. in February 2026. HODL 1,inc. was incorporated in 1997 and is based in Minato, Japan.
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Overview
Filings & Signals
Ownership
Financials
▾ Collapse Charts
Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Net Sales
¥27M
¥1.6B
¥394M
¥1.6B
¥1.6B
Cost of Sales
¥2M
¥975M
¥599M
¥832M
¥1.2B
Gross Profit
¥25M
¥638M
¥-205M
¥785M
¥379M
SG&A
¥514M
¥1.8B
¥707M
¥585M
¥514M
Operating Income
¥-490M
¥-1.1B
¥-912M
¥200M
¥-135M
Non-Operating Income
¥44M
¥9M
¥28M
¥16M
¥33M
Dividend Income
—
—
¥2M
¥2M
—
Interest Income
¥34M
¥0M
¥1M
¥3M
¥6M
Non-Operating Expenses
¥9M
¥27M
¥45M
¥22M
¥13M
Interest Expense
¥3M
¥25M
¥3M
¥3M
¥3M
Ordinary Income
¥-454M
¥-1.2B
¥-929M
¥194M
¥-114M
Pre-tax Income
¥-1.4B
¥-1.9B
¥-1.6B
¥743M
¥-351M
Income Taxes
¥2M
¥65M
¥76M
¥-10M
¥12M
Current Tax
¥2M
¥12M
¥4M
¥76M
¥7M
Deferred Tax
¥-0M
¥54M
¥71M
¥-86M
¥5M
Net Income (owners)
¥-1.4B
¥-2.0B
¥-1.7B
¥753M
¥-363M
Comprehensive Income
¥-1.2B
¥-2.2B
¥-1.8B
¥687M
¥-148M
EBITDA
¥-489M
¥-928M
¥-578M
¥442M
¥-40M
Goodwill Amort. (J-GAAP)
—
¥200M
¥332M
¥219M
¥62M
EPS
¥-77.12
¥-114.63
¥-112.71
¥59.05
¥-49.72
Shares Outstanding
18.6M
17.7M
14.7M
14.7M
8.0M
Shares Issued (total)
18.6M
17.7M
14.7M
14.7M
8.0M
Treasury Shares
0.0M
0.0M
0.0M
0.0M
0.0M
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Total Assets
¥533M
¥86.5B
¥61.7B
¥6.4B
¥3.8B
Current Assets
¥237M
¥85.5B
¥59.6B
¥2.8B
¥2.0B
Cash & Deposits
¥223M
¥1.5B
¥7.7B
¥1.2B
¥1.7B
Trade Receivables
—
—
—
—
¥104M
Non-Current Assets
¥296M
¥1.1B
¥2.1B
¥3.6B
¥1.8B
PP&E
¥0M
¥62M
¥65M
¥5M
¥13M
Goodwill
—
—
¥846M
¥2.1B
¥188M
Intangible Assets
¥0M
¥7M
¥854M
¥2.1B
¥286M
Investment Securities
¥133M
¥895M
¥1.0B
¥1.4B
¥1.2B
Deferred Tax Assets
—
—
¥50M
¥72M
¥4M
Total Liabilities
¥106M
¥85.1B
¥57.6B
¥596M
¥728M
Current Liabilities
¥103M
¥83.4B
¥56.4B
¥284M
¥284M
ST Debt
—
¥66M
¥86M
¥87M
¥94M
Taxes Payable
¥34M
¥7M
¥4M
¥60M
¥14M
Non-Current Liabilities
¥3M
¥1.7B
¥1.2B
¥312M
¥445M
Total LT Borrowings
—
¥1.3B
¥855M
¥221M
¥275M
Deferred Tax Liab.
¥3M
¥350M
¥378M
¥88M
¥115M
Total Equity
¥428M
¥1.4B
¥4.0B
¥5.8B
¥3.1B
Capital Stock
¥110M
¥10M
¥50M
¥50M
¥1.5B
Capital Surplus
¥5.7B
¥5.6B
¥4.9B
¥4.9B
¥1.5B
Retained Earnings
¥-5.4B
¥-4.0B
¥-927M
¥732M
¥-263M
Treasury Stock
¥-13M
¥-13M
¥-13M
¥-13M
¥-13M
AOCI
—
¥-189M
¥25M
¥196M
¥263M
Equity (owners)
¥420M
¥1.6B
¥4.0B
¥5.6B
¥2.8B
Total Interest-Bearing Debt ⓘ
—
¥1.4B
¥941M
¥309M
¥369M
Net Cash ⓘ
¥223M
¥172M
¥6.8B
¥860M
¥1.3B
NCAV ⓘ
¥132M
¥364M
¥1.9B
¥2.2B
¥1.2B
NCAV/Share
¥7
¥21
¥131
¥150
¥155
BV/Share
¥23
¥90
¥269
¥382
¥349
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Operating CF
¥-645M
¥-628M
¥-201M
¥-1,000M
¥-49M
Interest Paid
¥-3M
¥-3M
¥-3M
¥-3M
¥-3M
Interest Received
¥1M
¥0M
¥3M
¥5M
¥7M
D&A
¥0M
¥6M
¥2M
¥23M
¥33M
Goodwill Amort.
—
¥200M
¥332M
¥219M
¥62M
Investing CF
¥-252M
¥-301M
¥613M
¥67M
¥-380M
CapEx
¥1M
¥3M
—
—
—
Purchase Investments
—
¥-350M
¥-350M
¥-84M
¥-370M
Proceeds from Invest.
¥161M
¥143M
¥577M
—
—
Financing CF
¥200M
¥943M
¥-53M
¥354M
¥1.6B
Dividends Paid
—
—
—
¥-0M
¥-28M
Share Buybacks
¥-0M
¥-0M
¥-0M
¥-0M
¥-0M
LT Debt Repaid
—
¥-56M
¥-53M
¥-68M
¥-48M
Free Cash Flow
¥-646M
¥-631M
¥-201M
¥-1,000M
¥-49M
Net Change in Cash
¥-697M
¥13M
¥359M
¥-578M
¥1.1B
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
ROE
-150.4%
-91.4%
-33.8%
17.0%
-15.9%
ROA
-3.1%
-2.6%
-4.9%
14.7%
-9.6%
EPS
¥-77.12
¥-114.63
¥-112.71
¥59.05
¥-49.72
BPS
¥22.58
¥78.87
¥271.10
¥395.48
¥381.93
FCF/Share
¥-35
¥-36
¥-14
¥-68
¥-6
NCAV/Share
¥7
¥21
¥131
¥150
¥155
Event Timeline
S Shareholder
A Capital Signal
▾ Hide Chart
Large Shareholder Reports 30
Date Activist Stake Event Flag Demands Source
2026-05-21
Fund Corporate Investment Co., Ltd.
46.23%
initial_5pct
Passive
—
2026-04-21
a'gil Inc.
8.5%
correction
Passive
—
2026-04-09
Hiroki Tahara
7.41%
correction
Passive
—
2026-04-09
Hiroki Tahara
7.41%
correction
Passive
—
2026-04-06
Hiroki Tahara
7.87%
initial_5pct
Passive
—
2026-01-30
a'gil Inc.
8.5%
correction
Passive
—
2025-12-17
a'gil Inc.
8.5%
correction
Passive
—
2025-12-02
a'gil Inc.
8.5%
correction
Passive
—
2025-11-05
a'gil Inc.
8.5%
initial_5pct
Passive
—
2025-02-12
Genichiro Sugawara
3.73%
change
Passive
—
2025-02-12
Genichiro Sugawara
3.73%
correction
Passive
—
2024-03-06
Tokai Tokyo Securities Co., Ltd.
3.12%
-4.13%
change
Passive
—
2024-03-01
Rakuten Securities, Inc.
4.67%
-0.35%
change
Passive
—
2024-01-19
Tokai Tokyo Securities Co., Ltd.
7.25%
-2.44%
change
Passive
—
2024-01-15
Tokai Tokyo Securities Co., Ltd.
9.69%
-1.46%
change
Passive
—
2024-01-09
Tokai Tokyo Securities Co., Ltd.
11.15%
-1.46%
change
Passive
—
2024-01-04
Tokai Tokyo Securities Co., Ltd.
12.61%
-2.34%
change
Passive
—
2023-12-18
Tokai Tokyo Securities Co., Ltd.
14.95%
-1.2%
change
Passive
—
2023-12-11
Tokai Tokyo Securities Co., Ltd.
16.15%
-1.4%
change
Passive
—
2023-12-06
Tokai Tokyo Securities Co., Ltd.
17.55%
initial_5pct
Passive
—
2023-12-04
Rakuten Securities, Inc.
5.02%
+4.64%
initial_5pct
Passive
—
2023-11-02
Rakuten Securities, Inc.
0.38%
-4.92%
change
Passive
—
2023-10-16
Rakuten Securities, Inc.
5.3%
-0.32%
change
Passive
—
2023-10-04
Rakuten Securities, Inc.
5.62%
+0.41%
change
Passive
—
2023-07-11
Skeb Ventures Inc.
4.28%
-1.09%
change
Passive
—
2023-07-03
Rakuten Securities, Inc.
5.21%
initial_5pct
Passive
—
2023-06-22
Hashimoto Yoshinori
6.42%
change
Passive
—
2023-06-22
Hashimoto Yoshinori
3.71%
-2.71%
change
Passive
—
2023-05-24
Skeb Ventures Inc.
10.42%
correction
Passive
—
2023-05-24
Skeb Ventures Inc.
5.37%
-5.05%
change
Passive
—
Top 10 Shareholders
Ownership DNA
Cross-Holdings Tracker 3
#
Shareholder
Shares (thou.)
% of Total
1
山中 夕典
887,300
4.77%
2
株式会社a'gil
862,000
4.63%
3
坂元政弘
719,000
3.87%
4
楽天証券株式会社
704,700
3.79%
5
DEUTSCHE BANK (SCHWEIZ) AG
408,500
2.19%
6
吉田昌勇
400,000
2.15%
7
田原弘貴
315,400
1.69%
8
冨田加奈子
260,000
1.39%
9
山下博
227,400
1.22%
10
NOMURA INTERNATIONAL PLC A/C JAPAN
223,856
1.20%
Domestic Nominees
0.0%
+0.0% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
0.0%
+0.0% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
26.9%
+6.7% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2023
2024
2025
山中 夕典
—
3.10%
4.77%
+1.67%
式会社a'gil
NEW ENTRY
—
—
—
4.63%
NEW
坂元政弘
NEW ENTRY
—
—
—
3.87%
NEW
楽天証券
NEW ENTRY
—
—
—
3.79%
NEW
Deutsche Bank
NEW ENTRY
—
—
—
2.19%
NEW
吉田昌勇
NEW ENTRY
—
—
—
2.15%
NEW
田原弘貴
NEW ENTRY
—
—
—
1.69%
NEW
冨田加奈子
NEW ENTRY
—
—
—
1.39%
NEW
山下博
NEW ENTRY
—
—
—
1.22%
NEW
NOMURA INTERNATIONAL PLC A/C JAPAN
NEW ENTRY
—
—
—
1.20%
NEW
菅原 源一郎
last seen 2024
Exited Top 10
5.32%
4.42%
—
上田八木短資
last seen 2024
Exited Top 10
—
2.31%
—
吉田 昌勇
last seen 2024
Exited Top 10
2.44%
2.03%
—
田原 弘貴
last seen 2024
Exited Top 10
2.14%
1.78%
—
冨田 加奈子
last seen 2024
Exited Top 10
—
1.69%
—
式会社SBI証券
last seen 2024
Exited Top 10
2.04%
1.27%
—
三瀬 修平
last seen 2024
Exited Top 10
1.71%
1.23%
—
INTERACTIVE BROKERS LLC
last seen 2024
Exited Top 10
—
1.20%
—
GMOクリック証券
last seen 2024
Exited Top 10
—
1.14%
—
小林 勝人
last seen 2023
Exited Top 10
1.04%
—
—
鈴木 伸
last seen 2023
Exited Top 10
0.60%
—
—
Morgan Stanley
last seen 2023
Exited Top 10
0.79%
—
—
JPモルガン証券
last seen 2023
Exited Top 10
1.93%
—
—
ITO KOSUKE
last seen 2023
Exited Top 10
0.77%
—
—
Concentration (HHI)
ⓘ
52
50
91
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥556M
-33% since 2023
Holdings
3
Trend
1 unwinding
vs 2023
Held Company
FY2024
¥556M total
FY2023
¥826M total
Book Val ¥M
Shares
Book Val ¥M
Shares
株式会社CAICA DIGITAL
310
-30.0%
↓
6,594,956
433
9,414,956
株式会社ネクスグループ
198
2,125,094
325
2,125,094
FISCO Ltd.
株式会社フィスコ
49
679,500
68
679,500
Portfolio total
556
826
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding