beluuga.ai

Overview

Securities and Commodities Futures

unbanked inc.

UNBANKED Co., Ltd. operates two core business segments: a gold bullion business and a non-bank financial business. The gold bullion segment encompasses the sale and purchase of physical gold bars (primarily 1kg bars via face-to-face transactions domestically), small-lot internet-based gold trading from ¥1,000 through affiliated Japan Cloud Securities, and the issuance of a blockchain-backed gold-collateralized cryptocurrency 'Kinka (XNK)' targeting overseas gold investment demand. The non-bank segment, operated through subsidiary Cloudbank Capital Co., Ltd., provides real estate-collateralized lending as a licensed money lender.

Market Cap

¥1.78B

US$11.4M

¥—B

Stock¥98▲+0.00%

US$1 = ¥156.80 (2026-10-23)

ROE

-64.7%

* LTM NI / end-of-period equity

PBR

0.4

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-99.6%pt

Oct 24, 25 – Oct 23, 26StockTOPIX

1Nov 20, 25Selling due to concerns over activist proposals

2Nov 21, 25Market disappointment with activist strategy

3Feb 18, 26Correction selling as activist effects fade

AI Briefing

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Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

93%

EquityD/E 0.08xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 43.7%

as of 2026-03-31 · Source: Annual Securities Report

MaaaaRu Holdings Co., Ltd.

16.49%

Akatsuki Capital Works Co., Ltd.

8.41%

TM Financial Strategy Co., Ltd.

3.33%

Rakuten Securities, Inc. (Joint Account)

2.48%

Nomura Securities Co., Ltd.

2.47%

Shoken Japan Co., Ltd.

2.39%

Eriko KATSU

2.36%

Marlon KAWAI

2.21%

Motomu HONDA

1.77%

SBI Securities Co., Ltd.

1.75%

Management

9 officers

Yan HU

Representative Director, President

Apr 2009 Joined Nihon Inter Co., Ltd. Jun 2016 Joined Ituka Nichi Co., Ltd. Jan 2009 Senior Manager, Freedam Consulting Inc. Jun 2026 Representative Director, President of the Company (current)

1984-03-02

Tetsuya ADACHI

Director

Apr 1986 Joined Universal Securities Co., Ltd. (now Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.) Jan 1990 Joined Tachibana Securities Co., Ltd. Jan 2009 Joined Money Partners Co., Ltd. Feb 2017 Joined One Tap Buy Co., Ltd. (now PayPay Securities Co., Ltd.) Apr 2019 Joined Alpaca Japan Co., Ltd. Apr 2020 Joined Nihon Cloud Securities Co., Ltd. Apr 2022 Joined the Company; Deputy General Manager, Administration Division Jun 2023 Representative Director, President, CAPITA Co., Ltd. Jun 2024 Representative Director, President of the Company Jun 2024 Representative Director, Nihon Cloud Securities Co., Ltd. (current) Jun 2024 Representative Director, CloudBank Incubator Lab Co., Ltd. (current) Aug 2024 Representative Director, CloudBank Co., Ltd. Sep 2025 Director, CloudBank Co., Ltd. (current) Jun 2026 Director of the Company (current)

1962-12-27

Hiroshi TAKEUCHI

Director

Apr 1984 Joined Tokyo Ricoh Co., Ltd. (now Ricoh Japan Co., Ltd.) Feb 1988 Joined Nihon Etanit Pipe Co., Ltd. (now Resol Holdings Co., Ltd.) Jan 1996 Joined Jack Co., Ltd. (now Redax Co., Ltd.) Sep 2002 Representative Director, K Office Planning Apr 2004 Director, Head of Finance and Accounting, Optrom Co., Ltd. Oct 2006 Joined A.N.A. Planning Co., Ltd. (now ANAP Holdings Co., Ltd.); General Manager, General Affairs Department and Director, Management Office Nov 2007 Director, General Manager, Management Department, the same company Apr 2014 Senior Managing Director, the same company Apr 2016 Senior Managing Director and General Manager, Administration Division, the same company Apr 2026 Representative Member, A&T LLC (current) Jun 2026 Director, General Manager, Administration Division of the Company (current)

1963-10-24

Jun MORII

Outside Director

Nov 2005 Joined Accounting Department, Bonanza Casino, Nevada, USA Oct 2009 Joined Odai Accounting Office Sep 2012 Joined Deloitte Tohmatsu Financial Advisory Co., Ltd. Jan 2014 Representative Certified Public Accountant and Certified Tax Accountant, Morii Accounting Office (current) Jan 2014 Representative Director, Jonan Paper Trading Co., Ltd. (current) Apr 2016 Audit Committee Member, Shinagawa Ward, Tokyo Nov 2021 Outside Audit & Supervisory Board Member, THE WHY HOW DO CAMPANY Co., Ltd. (current) Jun 2023 Outside Audit & Supervisory Board Member, Tohto Suisan Co., Ltd. (current) Jun 2023 Outside Audit & Supervisory Board Member (Audit and Supervisory Committee Member), Pass Co., Ltd. (current) Jun 2023 Outside Director (Audit and Supervisory Committee Member), NMS Holdings Co., Ltd. (current) Jun 2026 Outside Director of the Company (current)

1980-03-03

Kento HIRAI

Outside Director

Nov 2011 Joined Production No Title Co., Ltd. Feb 2018 Director, the same company May 2019 Representative Director, HashTag Co., Ltd. Apr 2026 Representative Director, Double Universe Co., Ltd. (current) Jun 2026 Outside Director of the Company (current)

1989-01-26

Christopher Richard LANE

Outside Director, Audit and Supervisory Committee Member

Nov 2007 Overseas and inbound business, Celavie Resort Senkyo Co., Ltd. Nov 2025 Co-founder and Chief Investment Officer, Majime Partners LTD. (current) May 2026 Crypto Asset Manager, Ninjya Pool Grope (current) Jun 2023 Outside Director (Audit and Supervisory Committee Member) of the Company (current)

1980-12-21

Takaaki KUSUHARA

Outside Director, Audit and Supervisory Committee Member

Apr 2005 Joined Itochu Chemical Frontier Co., Ltd. Oct 2017 Launched renewable energy business Sep 2020 Executive Officer, SOLAR99 LLC (current) Aug 2024 Director, Oakmond Co., Ltd. (current) Jun 2025 Outside Director (Audit and Supervisory Committee Member) of the Company (current)

1982-03-20

Kenta IKEBE

Director, Audit and Supervisory Committee Member

Dec 2012 Joined Meirin International Law Office as Associate Attorney Jan 2019 Partner Attorney, Meirin International Tsu Office Aug 2021 Part-time School Director, Fukuoka Bunka Gakuen Educational Corporation (current) Jan 2024 Representative Attorney, Ikebe Law Office (current) Jun 2026 Director, Audit and Supervisory Committee Member of the Company (current)

1985-12-14

Kazuki MURATA

Outside Director, Audit and Supervisory Committee Member

Nov 2013 Legal Apprentice, Supreme Court of Japan Jan 2015 Associate Attorney, Breakmore Law Office May 2020 Associate Attorney, Tokyo Marunouchi Law Office Apr 2021 Outside Director of the Company Jun 2023 Outside Director, CloudBank Co., Ltd. Jun 2023 Outside Director, Nihon Cloud Securities Co., Ltd. Aug 2024 Attorney, Yakumo Law Office (current) Mar 2026 Outside Director, CloudBank Co., Ltd. (current) Mar 2026 Outside Director, CloudBank Capital Co., Ltd. (current) Mar 2026 Outside Director, Nihon Cloud Securities Co., Ltd. (current) Jun 2026 Outside Director (Audit and Supervisory Committee Member) of the Company (current)

1987-06-24

Large Shareholding Reports

Tetsuya ADACHI

2026-07-07

16.48%→12.30%

Tetsuya ADACHI

2026-07-06

16.48%→0.00%

Tetsuya ADACHI

2026-06-04

16.48%

Tetsuya ADACHI

2026-06-04

16.48%

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

Tetsuya ADACHI

2026-06-03

16.48%

Maaaa Ru Holdings Co., Ltd.

2026-06-02

16.48%→16.48%

Annual report (as of 2026-03-31): 16.49%

Sora Co., Ltd.

2026-06-01

49.61%→49.61%

Sora Co., Ltd.

2026-04-27

49.61%

Akatsuki Capital Works

2026-03-17

14.37%→9.77%

Annual report (as of 2026-03-31): 8.41%

Akatsuki Capital Works

2026-03-17

23.10%→14.37%

Annual report (as of 2026-03-31): 8.41%

Conservative Holdings Co., Ltd.

2026-02-19

5.48%→4.00%

Akatsuki Capital Works

2026-02-18

15.73%→23.10%

Annual report (as of 2026-03-31): 8.41%

Conservative Holdings Co., Ltd.

2026-02-16

6.94%→5.48%

Conservative Holdings Co., Ltd.

2026-02-12

8.06%→6.94%

Akatsuki Capital Works

2026-02-10

17.61%→15.73%

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

Annual report (as of 2026-03-31): 8.41%

Akatsuki Capital Works

2026-02-09

17.61%→15.73%

Annual report (as of 2026-03-31): 8.41%

Conservative Holdings Co., Ltd.

2026-02-09

10.35%→8.06%

NOMURA INTERNATIONAL PLC

2026-02-05

0.37%

Nomura Securities Co., Ltd.

2026-01-21

5.16%

Annual report (as of 2026-03-31): 2.47%

Maaaa Ru Holdings Co., Ltd.

2026-01-08

16.48%

Annual report (as of 2026-03-31): 16.49%

Maaaa Ru Holdings Co., Ltd.

2025-12-26

16.48%

Annual report (as of 2026-03-31): 16.49%

Akatsuki Capital Works

2025-09-16

17.61%

Annual report (as of 2026-03-31): 8.41%

Conservative Holdings Co., Ltd.

2025-08-15

10.35%

Disclosures

No disclosures

Primary Source Filings

TDnet

2026-08-14

Q1 Earnings Flash

FY ending Mar 2027

unbanked inc.

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