After looking at this company’s financial report, all I can say is… pretty rough. Not every company is cut out to jump on the crypto bandwagon! The 2026 financial report of Japanese Tokyo Stock Exchange-listed fashion company ANAP shows: Last year, they made a paper profit of 1.219 billion yen from holding Bitcoin, but this year it turned into a valuation loss of 4.375 billion yen—roughly 180 million RMB. Did some digging and found that ANAP is really down on its luck: They’ve been operating at a loss for seven consecutive years, and in 2024, they were even in a state of insolvency. Last year, with Bitcoin added to the mix, they managed to lose 3.4 times their entire annual operating revenue in just one year. But the most ridiculous part is yet to come— According to the announcement, between May and August this year, they loaned out 50 bitcoin:native and only earned about 0.192 BTC in return. Man, even my group chat buddies have better trading skills than this! So yeah, not every company is Strategy, and not every company has what it takes to pull off a BTC Treasury strategy.