Imagine owning stock in a company and receiving beer, restaurant vouchers, or Disneyland tickets in the mail, just for being a shareholder. In Japan, over 1,300 publicly traded companies do exactly this through a system called "kabunushi yutai" (shareholder perks). Now a 93-year-old printing company is taking this uniquely Japanese tradition into the blockchain era, distributing Solana (SOL) as a shareholder perk, a first in Japan.

Matsumoto Announces Japan's First Solana-Based Shareholder Perks

Matsumoto Co., Ltd. (TSE Standard: 7901), a printing company headquartered in Kitakyushu, announced on April 6, 2026, that it will offer shareholder perks using the cryptocurrency Solana (SOL). CEO Daiki Matsumoto stated that this is believed to be the first such initiative in Japan.

Shareholders registered as of the end of April 2026 are eligible for a lottery-style distribution with the following prize tiers:

  • $650 equivalent (¥100,000 in SOL): 1 winner
  • $325 equivalent (¥50,000 in SOL): 3 winners
  • $65 equivalent (¥10,000 in SOL): 15 winners
  • $6.50 equivalent (¥1,000 in SOL): 100 winners

The company positions this initiative as both shareholder engagement and a way to promote understanding of its Web3 business direction.

From Graduation Albums to Blockchain

Matsumoto was founded in 1932 and is best known for producing graduation albums, delivering approximately 7,000 per year to schools across Japan. The company entered the Web3 space in February 2023.

In 2024, Matsumoto partnered with NTT Digital to develop digital graduation albums, but NTT Digital's wallet service "scramberry WALLET" was discontinued in September 2025 due to profitability challenges. Drawing from this experience, Matsumoto announced its "Next-Generation DAT (Digital Asset Treasury)" concept in January 2026, built on the Solana blockchain.

The DAT concept centers on "Proof of Growth", recording children's activity histories as tamper-resistant digital certificates on the blockchain. It's a natural evolution for a company whose core business has always been preserving memories and milestones.

The company has also signed a memorandum of understanding with JPYC Inc. to explore stablecoin integration within the DAT framework.

Why Solana?

Matsumoto chose Solana for two key reasons:

Speed: Solana can process thousands of transactions per second, compared to Ethereum's roughly 15. For a system designed to record massive volumes of activity data, this throughput is essential.

Low fees: Transaction costs on Solana are typically just a few cents, versus Ethereum's gas fees that can spike above $50 during peak times. This cost structure makes distributing small amounts of crypto as shareholder perks economically viable.

What Is Kabunushi Yutai? A Guide for International Readers

Japan's shareholder benefit system, known as kabunushi yutai (株主優待), is one of the most distinctive features of Japanese investing. Roughly 35% of all listed companies (over 1,300 firms) participate, sending shareholders tangible gifts ranging from food products and restaurant vouchers to gift cards and theme park tickets.

There is no legal requirement to offer these perks. The practice evolved from Japan's deep-rooted gift-giving culture, particularly the traditions of chūgen (mid-year gifts) and seibo (year-end gifts). Companies view shareholder perks as expressions of gratitude, a concept that feels natural within Japanese social customs.

The system thrives in Japan partly because Japanese individuals tend to hold stocks directly, rather than through mutual funds as is common in Western markets. This makes it practical to ship physical gifts to shareholders' homes.

The earliest known example dates to 1899, when Sanyo Railway offered free ride tickets to shareholders holding 300 or more shares. The practice expanded significantly during Japan's post-war economic boom and accelerated from the 1990s onward.

Famous examples include McDonald's Japan (meal vouchers), ANA Holdings (flight discounts), and Oriental Land (Tokyo Disney Resort day passes). Some investors have become celebrities for living entirely off shareholder perks, most notably Hiroto Kiritani, a former professional shogi player turned "yutai investor."

Fewer than 10 companies in the United States and about 30 in the United Kingdom offer comparable programs, making kabunushi yutai an almost exclusively Japanese phenomenon.

Crypto as Shareholder Perks: Potential and Challenges

Matsumoto's initiative hints at a broader shift from physical gifts to digital assets in shareholder engagement.

Blockchain-based perks offer several theoretical advantages: zero shipping costs, the ability to reach shareholders overseas (traditional perks are generally limited to domestic residents), and the potential for ongoing engagement through token ecosystems.

However, significant challenges remain. Cryptocurrency prices are volatile, shareholders need wallets to receive tokens, and the tax treatment is complex, in Japan, crypto received as shareholder perks may be classified as miscellaneous income requiring a tax filing.

It's also worth noting that Matsumoto is a micro-cap company with a market capitalization of approximately $5.5 million. The company faces challenges meeting listing maintenance criteria, and its stock has shown speculative trading patterns, including hitting the daily price limit after the DAT announcement in January.

Japan's Growing Web3 Landscape

Matsumoto's move is part of a broader Web3 adoption trend among Japanese companies. Metaplanet has accumulated over 40,000 BTC as a "Japanese MicroStrategy," becoming the world's third-largest corporate Bitcoin holder. SBI Group invested approximately $50 million in blockchain firm Startale Group to develop a yen-backed stablecoin. Japan's ruling Liberal Democratic Party has launched a dedicated project team for "Next-Generation AI & On-Chain Finance."

Within this landscape, Matsumoto's initiative is small in scale but distinctive in concept, blending one of Japan's most culturally unique financial practices with cutting-edge blockchain technology.

What About Your Country?

In Japan, the tradition of companies sending gifts to shareholders runs deep, and now it's meeting blockchain technology. Does your country have anything similar to kabunushi yutai? Do you think distributing cryptocurrency as shareholder perks could work in your market? We'd love to hear your thoughts.

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