Clothing companies are starting to stockpile crypto too.

ANAP Holding just purchased another 54.51 BTC, bringing the Bitcoin holdings of this publicly listed Japanese retail company to 1,200.2 BTC.

The key point isn't the number itself. The key point is—this is a clothing retail company.

An industry with razor-thin margins, tight cash flow, and extremely strict risk controls is actually betting company assets on a volatile asset?

A quiet shift is taking place in 2025.

More and more corporate finance departments are coming to a harsh realization:

Fiat currency purchasing power is evaporating.
Government bonds are no longer rock-solid.
Deposit interest can't keep up with inflation.
Cash accounts are equivalent to slow bleeding.

And Bitcoin? It's becoming a new kind of insurance on corporate balance sheets—globally liquid, borderless, not controlled by any single government, and clearly anti-inflationary.

To some extent, it's playing the role of "gold in the digital era."

Here's the question: Why are Japanese companies the first to make a move?

The answer lies in three variables:

**Variable 1: Japanese government bonds are spiraling out of control**

Long-term yields are surging, volatility has hit decades-long highs, and expectations of central bank rate hikes keep brewing—Japanese government bonds are no longer safe assets, but "ticking time bombs" in the eyes of global capital. Corporate finance officers aren't stupid—they're pulling out.

**Variable 2: The fate of ongoing yen depreciation**

The aftereffects of years of quantitative easing are still unfolding, and the yen's purchasing power continues to shrink. If companies do nothing with their cash, they're just waiting for it to depreciate.

**Variable 3: Bitcoin is becoming an "alternative currency"**

No need to trust any government, no need to worry about sudden monetary policy shifts, no need to bear sovereign debt risk—for globalized companies, this is an unprecedented asset allocation option.

So when you see a clothing retailer buying BTC, don't think it's absurd.

This may actually signal a directional shift in global corporate financial strategy: from "holding cash" to "allocating hard assets," from "trusting fiat" to "diversifying sovereign risk."

Once this trend takes hold, it's hard to reverse.