Bitcoin Japan will enter the artificial intelligence (AI) infrastructure investment business by committing about 2 billion yen to a private fund aimed at acquiring SpaceX shares.

On May 27 local time, blockchain media outlet CoinPost reported that Bitcoin Japan, a company listed on the Tokyo Stock Exchange Standard market, decided to invest in the private fund Viva-SX LLC Series H through its U.S. subsidiary, BTCJPN US LLC.

The principal investment is about 1.7 billion yen. Including due diligence and other incidental costs, total funds committed rise to about 2 billion yen. The company formalised AI infrastructure investment as a new growth strategy through this investment.

The core is an indirect investment structure in SpaceX. The Viva fund is designed to secure limited partner status in an institutional investor fund that holds SpaceX shares. If SpaceX proceeds with an initial public offering, Bitcoin Japan can ultimately receive 20,160 SpaceX shares in kind.

The company views the investment as, in effect, an investment in SpaceX that includes xAI. SpaceX previously announced in February a plan for a merger and acquisition with xAI, an AI company led by Elon Musk. Reflecting this, Bitcoin Japan defined the investment as the starting point of its AI infrastructure strategy.

Funding will come from 1.3 billion yen secured through the exercise of stock acquisition rights and about 740,000,000 yen in cash on hand. The funds will be executed as a loan to its U.S. subsidiary. It also prepared for exchange-rate fluctuation risk. The company said it had already converted 1 billion yen of the required funds into dollars at an exchange rate of 158.24 yen per dollar as of May 1.

Bitcoin Japan also conducted separate due diligence and valuation procedures before investing. Through a Delaware law firm, it confirmed the existence of the Viva fund and the structure of SpaceX share holdings. It said that through an undisclosed large accounting firm it estimated the combined enterprise value of SpaceX and xAI at about 1.2605 trillion to 1.4538 trillion dollars.

The company also disclosed its profitability benchmark. Bitcoin Japan is using an annual hurdle rate of about 12.5 percent. It calculated that returns exceeding that level could be possible if SpaceX lists at a valuation of about 1.75 trillion dollars, a level cited as a target.

Risks tied to the investment structure also exist. SpaceX is said to have already entered the final stages of preparing to list, making it difficult for new direct shareholders to enter. Because of these constraints, Bitcoin Japan chose an indirect route through the Viva fund, which sits under an institutional investor fund that holds a SpaceX stake.

Costs also arise in the process. The Viva fund is a newly established fund set up in April 2026, and fees equivalent to about 16.5 percent of the principal investment are charged. It is also cited as a risk that uncertainty over recovering the investment could grow if SpaceX's IPO is delayed or scrapped. Bitcoin Japan has not yet disclosed the impact of the investment decision on results for the year ending December 2026.

The industry views the case as meaningful in that a crypto-related listed company is expanding its investment scope beyond a simple bitcoin-holding strategy to aerospace and AI infrastructure assets. It also expects actual investment performance to depend on whether a SpaceX listing is completed, whether the combined enterprise value including xAI is maintained, and cost burdens stemming from the complex fund structure.