Kushim, Inc. (2345) Stock Price

Kushim is a technology company that develops and promotes services and products leveraging blockchain technology. The company currently positions blockchain development and consulting as its core business, providing enterprise clients with blockchain-related system development support and consulting services. Additionally, through its Digital Asset Treasury business, the company manages cryptocurrency assets, aiming to stabilize its financial foundation through Ethereum purchases and operations.

The company fully relaunched its blockchain development and consulting business in June 2025, achieving early customer acquisition and revenue recognition following the restart. Revenue is primarily generated through contract income from development projects and consulting services for corporate clients, leveraging technological capabilities and expertise cultivated in the cryptocurrency and Web3 sectors.

The company currently operates two core business segments: blockchain development and consulting, and cryptocurrency treasury management. In the development and consulting business, the company aims to improve internal cash generation capacity. In the treasury business, it is refining operational systems while balancing operating returns and risk management. Looking ahead, the company is considering restructuring adjacent businesses, including cryptocurrency exchange operations, as it pursues overall business growth and enhanced corporate value.

Kushim is a blockchain technology company working to rebuild from a serious management crisis. In 2025, the company suffered a subsidiary and asset diversion incident involving former management, resulting in losses of approximately 3.3 billion yen. Under new management, the company is now restructuring its business around Ethereum technology as its core. Regarding specific numerical targets, the company states these are under development due to potential fluctuations based on fundraising progress in its cryptocurrency business and market conditions, with a policy to disclose details through timely announcements once finalized.

The company's priority investment area is development support and consulting services for Ethereum-related technologies. The business resumed full operations in June 2025, offering enterprise blockchain system development and consulting services. As a differentiation strategy, the company positions Ethereum as the "standard for financial infrastructure" and is specializing in this technology, which offers high processing performance and decentralization. Additionally, in November 2025, the company established "Kushim Labs" and is strengthening its security capabilities through a partnership with privacy-focused technology "INTMAX."

For new market development, the company plans to launch a digital asset treasury business. In December 2025, Kushim acquired 20 ETH on Ethereum (approximately 9.24 million yen) and began pilot operations to verify the balance between returns and risk management. This business targets both strengthening the financial foundation and securing stable revenue, with preparations underway for full-scale deployment. The company is also considering future reconstruction of adjacent businesses, including cryptocurrency exchange operations, aiming to expand its business portfolio.

Regarding technological innovation, the company is focusing on Ethereum's technical development toward the goal of supporting "10 trillion dollars in assets on blockchain," and is working to create financial innovation by leveraging smart contract characteristics such as transparency and composability. Through strengthened collaboration with domestic and international Ethereum communities, the company aims to contribute to expanded blockchain adoption and increased awareness in the Japanese market. However, ongoing litigation against former management and asset recovery efforts currently require substantial costs, and full recovery of the business foundation is expected to take considerable time.