HODL 1

HODL 1, Inc. (株式会社HODL 1, also written 株式会社ホドルワン) is a Japanese listed company headquartered in Minami-Aoyama, Minato-ku, Tokyo. It positions itself as an "Ethereum Company," pursuing a dual strategy it calls HODL & BUIDL: holding and managing Ether (ETH) from a long-term perspective while engaging in the research, development, and social implementation of blockchain technology and related businesses. Its stated ambition is to help expand the future of financial infrastructure by treating Ethereum not merely as a crypto asset but as "programmable financial infrastructure" that supports financial and economic activity. The company's business lines, as described on its own website, include blockchain technology R&D and system development, system engineering, crypto-asset-related business, and AI agent business. Its investor-facing homepage displays live indicators such as the Ethereum price, its own stock price, and the amount of ETH held, underscoring the centrality of its crypto treasury operations. It is a member of several Japanese industry associations, including the Japan Cryptoasset Business Association (JCBA), the Japan Security Token Association (JSTA), the Fintech Association of Japan, the Japan Digital Economic Federation, the Japan Digital Decentralized Finance Association (JDFA), and the Japanese Society for Artificial Intelligence (JSAI). HODL 1 is the current name of a company with a long history under earlier identities. Its predecessor was established in June 1997, and it later operated as System Technology Ai, then as iStudy, Inc. (アイスタディ株式会社), an e-learning and IT education company listed on the Tokyo Stock Exchange. In May 2020 it renamed itself Kushim, Inc. (株式会社クシム), and under that name it pursued blockchain R&D, blockchain HR, system engineering, and M&A. After a period of governance turmoil and litigation involving its leadership, the company changed its trade name to HODL 1, Inc. in February 2026 and refocused its identity around Ethereum. The company is listed on the Tokyo Stock Exchange Standard Market under securities code 2345. Its representative director and CEO is Hirotaka Tahara (田原弘貴), who has publicly described his long involvement with blockchain technology since his university years and his conviction that Ethereum occupies an irreplaceable position as programmable financial infrastructure. The board includes directors responsible for strategy, operations, finance, and technology, alongside outside directors and audit committee members. HODL 1 presents itself as a company that grows together with Ethereum, aiming for medium- to long-term corporate value rather than being swayed by short-term price movements, and committing to transparent governance and disclosure as a listed company.

The company that became HODL 1 was established in June 1997. In May 1999 it changed its name to System Technology Ai, Inc. (株式会社システム・テクノロジー・アイ), and in August of the same year it began selling the "iStudy" series of learning support software, launching its iLearning business. In December 2002 it listed its shares on the Tokyo Stock Exchange Mothers market. In August 2014 it moved its listing from Mothers to the Second Section of the Tokyo Stock Exchange. In November 2015 it transferred all shares of SE Plus, Inc., and in December 2015 it began a business alliance with V-cube, Inc. In April 2016 it changed its name to iStudy, Inc. (アイスタディ株式会社). In April 2017 the company began selling the enterprise video distribution solution "Qumu." In August 2017 it began business alliances with Fisco-related group companies (E-Frontier, Jitsugyo no Nihon Sha, Fisco, Nex Group, and Fisco Virtual Currency Exchange). In December 2017 it dissolved its capital alliance with E-Frontier and began a capital and business alliance with Caica. In May 2018 it obtained a paid employment placement business license and launched the "iStudy ACADEMY" business, which supports everything from acquiring advanced IT skills to changing jobs. In April 2019 a tender offer by Caica completed, making it a consolidated subsidiary of Caica. In August 2019 it moved its head office to its current location. In October 2019 it acquired all shares of Aim Soft (later Kushim Soft, now Nex Soft) and made it a subsidiary. In November 2019 it acquired all shares of Tokyo Tech (later Kushim Technologies) and made it a subsidiary; began joint research with the University of Tokyo's Matsuo Laboratory on building an AI detection system for care facilities; and began selling "SLAP," a new LMS to support the growth of each learner. In December 2019 it joined the Blockchain Association of Japan and formed a business alliance with Stake Technologies. In February 2020 it made CCCT (now Kushim Insight) a consolidated subsidiary. In March 2020 it formed capital and business alliances with Churingham and the Fisco Economic Research Institute. In April 2020 it was removed from Caica's consolidated subsidiaries and became an equity-method affiliate; it also formed business alliances with Nex Group and Web Travel. In May 2020 it changed its name to Kushim, Inc. (株式会社クシム), and made E-Frontier and Care Dynamics consolidated subsidiaries. In June 2020 it formed a capital and business alliance with Registart and was removed from Caica's equity-method affiliates. In October 2020 it formed a business alliance with Zetant. In April 2021 Kushim Soft and Kushim Technologies merged. In May 2021 a group reorganization was carried out with Kushim Insight as an intermediate holding company. In September 2021 it acquired fixed assets including a blockchain engineer training curriculum and lecture content from FLOC. In February 2022 it took capital stakes in Polygon Tailor and Polygon Tailor Consulting, and made Churingham a consolidated subsidiary. In May 2022 E-Frontier was excluded from consolidation. In July 2022 it transferred its e-learning business to ODK Solutions. In October 2022 Kushim Soft and Care Dynamics merged. In October 2023 ZED Holdings (now Nex Digital Group), Zaif, and Web3 Capital became consolidated subsidiaries. On November 1, 2024, Web3 Capital was absorbed through merger. On November 25, 2024, the company recommended the resignation of director Hirotaka Tahara (founder of Churingham) over suspicions of information leakage to shareholders. Tahara argued that the company was dominated by certain forces and had fallen into governance dysfunction, and submitted a shareholder proposal to nominate three directors including himself at the annual shareholders meeting scheduled for January 2025; he rebutted the resignation recommendation on his X account, saying it "contains serious factual errors" and was "a false accusation to suppress the shareholder proposal." On January 9, 2025, the company announced the indefinite postponement of the annual shareholders meeting that had been scheduled to be held by the end of January. On February 3, 2025, it dissolved its capital and business alliance with CAICA DIGITAL; as a substitute performance, it transferred shares of ZED Holdings (now Nex Digital Group) and its subsidiaries (Zaif, Churingham, Kushim Soft (now Nex Soft), etc.) to Caica Financial Holdings. CAICA DIGITAL re-transferred the shares of ZED Holdings and others to Nex Group on the same day. On April 1, 2025, the Tokyo District Court ruled on Tahara's February 12 application for provisional director and provisional representative director, and all directors except one, including Representative Director Chairman Hirotaka Nakagawa and Representative Director President Daisuke Ito, retired; lawyer Masahiro Otsuki became provisional representative director. On April 30, 2025, an extraordinary shareholders meeting was held, and Tahara became Representative Director and President. On February 2, 2026, the trade name was changed to HODL 1, Inc. (株式会社HODL 1). Under the HODL 1 name, the company now presents itself as an "Ethereum Company," combining long-term ETH treasury holding with blockchain R&D and system development, and emphasizing transparent governance and disclosure as a listed company.

• Predecessor company established

• Renamed to System Technology Ai, Inc.

• Began selling "iStudy" learning support software; launched iLearning business

• Listed on Tokyo Stock Exchange Mothers market

• Moved listing from Mothers to Tokyo Stock Exchange Second Section

• Renamed to iStudy, Inc.

• Began selling enterprise video distribution solution "Qumu"

• Obtained paid employment placement license; launched "iStudy ACADEMY"

• Tender offer by Caica completed; became consolidated subsidiary

• Began selling new LMS "SLAP"; joined Blockchain Association of Japan

• Renamed to Kushim, Inc.

• Kushim Soft and Kushim Technologies merged

• Churingham became a consolidated subsidiary

• ZED Holdings, Zaif, and Web3 Capital became consolidated subsidiaries

• Company recommended resignation of director Hirotaka Tahara

• Extraordinary shareholders meeting; Hirotaka Tahara appointed Representative Director and President

• Trade name changed to HODL 1, Inc.

An Ethereum-focused listed Japanese company pursuing a dual HODL (long-term ETH holding) and BUIDL (blockchain building) strategy, positioning Ethereum as programmable financial infrastructure.

• iStudy series

  Learning support software launched in 1999, forming the basis of the iLearning business.

• Qumu

  Enterprise video distribution solution sold from 2017.

• iStudy ACADEMY

  Business launched in 2018 supporting advanced IT skill acquisition and job changes.

• SLAP

  New LMS sold from 2019 to support each learner's growth.

• Ethereum treasury operations

  Long-term holding and management of ETH as a core corporate strategy under HODL 1.

1. 1株式会社HODL1 - イーサリアムカンパニーhodl1.jp
2. 2私たちについて | 株式会社HODL1hodl1.jp
3. 3会社概要 | 株式会社HODL1hodl1.jp
4. 4HODL 1 - Wikipedia (Japanese)ja.wikipedia.org
5. 5Hodl 1 - Wikidatawikidata.org