Crypto treasury deals unravel as ReYuu Japan and Universal Digital scrap $100M financing deal

ReYuu Japan (TYO: 9425) and Canadian investment firm Universal Digital (CNSX: LFG) have terminated their $100 million loan facility agreement, adding to a growing list of companies that are abandoning their crypto holding strategies.

The $100 million loan was supposed to help the Japanese electronics reseller buy digital assets, but now that the deal has been dissolved, ReYuu will now be looking to move on with plans such as developing AI technology in collaboration with a Chinese-based company.

Why did the ReYuu Japan deal with Universal Digital fall apart?

ReYuu Japan and Universal Digital signed a non-binding memorandum of understanding (MOU) in October 2025. The deal was supposed to give ReYuu (TSE: 9425), a device resale company, access to external capital for buying digital assets. However, no loan was ever drawn, no interest rate was ever set, and no financing framework was ever finalized.

Universal Digital initiated the termination, citing a review of its own business direction and fundraising plans, while ReYuu explained that the deal fell through due to changes in capital market conditions and an increase in investor caution toward listed companies running digital-asset treasury strategies.

Both companies have experienced significant declines in their stock values since the announcement was made. ReYuu Japan extended a prolonged 15% decline over the last five days, dropping to its lowest point in 52 weeks. Meanwhile, Universal Digital has seen an 89% long-term crash and is trading at an all-time low of $0.04.

Cryptopolitan previously reported that the corporate crypto treasury trade that peaked with Strategy’s aggressive Bitcoin accumulation is cooling across multiple fronts.

For instance, Bhutan, which went through the trouble of mining Bitcoin in secret, has been offloading its holdings. Publicly listed miners, including MARA Holdings, IREN, and DMG, sold over 32,000 BTC in the first quarter of 2026 alone to retire debt and fund their entrance into AI infrastructure.

ReYuu stressed that the MOU’s termination does not mean it is abandoning its crypto treasury strategy entirely. The company shared that it would continue evaluating based on market conditions, balance-sheet health, and shareholder impact.

Crypto treasuries are not so hot anymore

Just like ReYuu Japan, other companies have realized that investors have become incredibly cautious of Bitcoin holding strategies, making capital harder to get.

MARA Holdings recently sold 20,880 BTC worth $1.5 billion in the first quarter to pay down convertible debt and fund a $1.5 billion acquisition of a 505-megawatt power campus in Ohio for AI data center development. The company fell from second to fourth among public Bitcoin holders and reported a $1.26 billion net loss for the quarter.

Last year, Universal Digital attempted to raise money to buy Bitcoin, announcing a separate $50 million convertible debenture offering. 80% of the proceeds were intended to go toward buying Bitcoin, but the plan was abandoned early this year.

The largest corporate Bitcoin buyer, Strategy, is one of the few to have persisted with adding assets on a regular basis. The company announced earlier today that it added 24,869 BTC for ~$2.01 billion over the last week, bringing its total stash to 843,738 BTC, which it bought for ~$63.87 billion.