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Overview

Information & Communication

Kushim,Inc.

Kushim Inc. (formerly known as iStudy Co., Ltd.) is a Japan-listed company that previously operated a blockchain services business encompassing cryptocurrency exchange, blockchain system development, and Web3 technology through its consolidated subsidiaries. Following a contested transfer of its core operating subsidiaries in February 2025—which the current board is actively litigating to reverse—the company has relaunched a blockchain development and consulting business leveraging its accumulated expertise in crypto assets and Web3, while simultaneously pursuing a Digital Asset Treasury (DAT) strategy initiated with Ethereum purchases in December 2025. The company is in a transitional restructuring phase, seeking to recover lost assets through litigation and rebuild its revenue base.

Market Cap

¥1.43B

US$9.13M

¥1.55B

US$9.89M

Stock¥77▲+0.00%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

LTM EV/EBIT

LTM PER

LTM PBR

20.0

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-91.5%pt

Oct 24, 25 – Oct 23, 26StockTOPIX

MC → EV Bridge

AI Briefing

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Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

18%

82%

EquityD/E 4.53xDebt

Liquidity vs Debt 5Y (¥B)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 34.0%

as of 2026-04-30 · Source: Annual Securities Report

Rakuten Securities, Inc. (Joint Account)

6.66%

Yunori YAMANAKA

4.84%

Takuya NAKAJIMA

4.65%

a'gil Inc.

4.64%

Masahiro SAKAMOTO

3.71%

DEUTSCHE BANK(SCHWEIZ) AG

2.20%

Masayuki YOSHIDA

2.15%

Kotomi MATSUO

1.95%

Hiroki TAHARA

1.70%

Kanako TOMITA

1.45%

Management

9 officers

Hiroki TAHARA

Representative Director

Jan 2018 Obtained Small and Medium Enterprise Management Consultant qualification Mar 2018 Graduated from the Faculty of Engineering, The University of Tokyo Jun 2019 Established Turingum Inc. Jun 2019 Director, Turingum Inc. Jan 2023 Director, the Company May 2023 Assumed office as Representative Director and CTO, Turingum Inc. Apr 2025 Assumed office as Representative Director, the Company (current)

1996-08-13

Ryo TANAKA

Director

Apr 2011 Joined Tokyo Metropolitan Government; engaged in legal affairs Jan 2018 Joined Aerial Partners Feb 2020 Joined LY Corporation (formerly LINE Corporation), seconded to LVC Corporation; engaged in launch of LINE's blockchain and NFT business Aug 2022 Joined Turingum Inc. Jan 2023 Assumed office as Director, Turingum Inc. Jan 2024 Assumed office as Representative Director, Turingum Inc. Apr 2025 Assumed office as Director, the Company

1989-03-12

Takuya OSHIMA

Director

Apr 2011 Joined Daiwa Institute of Research Business Innovation Ltd. Apr 2018 Joined Fintertech Co., Ltd. Jun 2022 Joined Turingum Inc. Aug 2022 Joined Turingum Inc. Jan 2023 Assumed office as Director, Turingum Inc. Nov 2023 Assumed office as Representative Director, Zaif Inc. Sep 2025 Left Zaif Inc. Oct 2025 Joined the Company (current)

1986-08-07

Kosuke ITO

Director

Jun 2018 Joined Aerial Partners Inc. Sep 2019 Co-founded Turingum Inc. Mar 2023 Graduated from the Department of Systems Innovation, Faculty of Engineering, The University of Tokyo Oct 2025 Joined the Company (current)

1997-05-11

Daisuke TAKENAKA

Director

Mar 2004 Graduated from the Department of Socioeconomics, Faculty of Humanities, Kochi University Sep 2004 Joined Shinei Chuwa Certified Public Accountants Office Apr 2008 Left Shinei Chuwa Certified Public Accountants Office May 2008 Joined AEON Credit Service (now AEON Financial Service) May 2011 Seconded to AEON Microfinance (Shenyang) Co., Ltd. May 2013 Seconded to AEON Financial Service (Hong Kong) Jun 2020 Seconded to AEON Financial Service (Asia) Co., Ltd. May 2023 Seconded to AEON Credit Service (Ho Chi Minh City) Co., Ltd. Oct 2024 Left AEON Financial Service Co., Ltd. Nov 2024 Joined DigitalCredence Technologies Oct 2025 Left DigitalCredence Technologies Nov 2025 Joined the Company (current)

1980-10-16

Takahiro ISHIHAMA

Director

May 2013 Founded Nanameue Inc.; Representative Director (current) Mar 2014 Graduated from Aoyama Gakuin University

1990-08-31

Hisao ARAKI

Director, Audit and Supervisory Committee Member

Oct 1996 Passed the second stage of the Japanese CPA examination Oct 1996 Registered as Junior CPA Apr 1997 Joined Azsa LLC Apr 1998 Joined Tokyo Kyodo Accounting Office Apr 2000 Joined A&I Total Management Service Ltd. Apr 2001 Joined Deloitte Touche Tohmatsu LLC Nov 2004 Joined Manulife Life Insurance Company Apr 2008 Joined Japan Post Insurance Co., Ltd. Jul 2024 Joined LKdance Inc. (current) Apr 2025 Assumed office as Director, Audit and Supervisory Committee Member, the Company

1973-10-01

Osamu WATANABE

Director, Audit and Supervisory Committee Member

Mar 2009 Graduated from the Faculty of Law, Meiji University Mar 2014 Completed Chuo Law School Sep 2014 Passed the bar examination Dec 2015 Joined Kao Corporation Aug 2020 Joined Shinju Law Office (current) Dec 2022 Outside Director, YS Food Co., Ltd. (current) Apr 2025 Assumed office as Director, Audit and Supervisory Committee Member, the Company

1987-03-29

Kensuke SATO

Director, Audit and Supervisory Committee Member

Mar 2003 Graduated from the Faculty of Economics, Keio University Nov 2005 Passed the second stage of the CPA examination Dec 2005 Joined Azsa LLC Oct 2011 Registered as Certified Public Accountant Feb 2014 Joined Mitsubishi UFJ Trust and Banking Corporation Jun 2017 Joined Consonant Investment Management Co., Ltd. Mar 2018 Opened Kensuke Sato Certified Public Accountant Office (current) Jul 2018 Partner, Atlas Accounting Inc. (current) Mar 2019 Corporate Auditor, Aerial Partners Inc. Jul 2023 Corporate Auditor, First Cabin HK Co., Ltd. May 2025 Corporate Auditor, Kushim Insight Inc. (current) Aug 2025 Assumed office as Director, Audit and Supervisory Committee Member, the Company

1980-06-08

Large Shareholding Reports

a'gil Co., Ltd.

2026-07-03

4.63%→15.93%

Annual report (as of 2026-04-30): 4.64%

Fund Corporate Investment Co., Ltd.

2026-06-19

46.23%→47.47%

Ryo TANAKA

2026-05-26

—

a'gil Co., Ltd.

2026-05-26

4.63%→15.93%

Correction filing (name/detail fix only) — ratio carried over from the original filing

Annual report (as of 2026-04-30): 4.64%

Ryo TANAKA

2026-05-26

7.74%→7.18%

Hiroki TAHARA

2026-05-26

7.87%→18.62%

Correction filing (name/detail fix only) — ratio carried over from the original filing

Annual report (as of 2026-04-30): 1.70%

a'gil Co., Ltd.

2026-05-25

4.63%→15.93%

Annual report (as of 2026-04-30): 4.64%

Ryo TANAKA

2026-05-25

7.74%

Hiroki TAHARA

2026-05-25

18.62%→15.93%

Annual report (as of 2026-04-30): 1.70%

Hiroki TAHARA

2026-05-25

7.87%→18.62%

Annual report (as of 2026-04-30): 1.70%

Fund Corporate Investment Co., Ltd.

2026-05-21

46.23%

Masahiro SAKAMOTO

2026-04-21

3.86%

Correction filing (name/detail fix only) — ratio carried over from the original filing

Annual report (as of 2026-04-30): 3.71%

Hiroki TAHARA

2026-04-09

—

Annual report (as of 2026-04-30): 1.70%

Hiroki TAHARA

2026-04-09

7.87%→7.41%

Annual report (as of 2026-04-30): 1.70%

Hiroki TAHARA

2026-04-06

7.87%

Annual report (as of 2026-04-30): 1.70%

Masahiro SAKAMOTO

2026-01-30

3.86%

Correction filing (name/detail fix only) — ratio carried over from the original filing

Annual report (as of 2026-04-30): 3.71%

a'gil Co., Ltd.

2025-12-17

8.50%

Annual report (as of 2026-04-30): 4.64%

Masahiro SAKAMOTO

2025-11-05

4.63%

Annual report (as of 2026-04-30): 3.71%

a'gil Co., Ltd.

2025-11-05

4.63%

Annual report (as of 2026-04-30): 4.64%

Disclosures

No disclosures

Primary Source Filings

TDnet

2026-09-14

Q3 Earnings Flash

FY ending Oct 2026

Kushim,Inc.

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Kushim,Inc.

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