CyberStep

What CyberStep does

CyberStep Holdings, Inc. (サイバーステップホールディングス株式会社) is a Tokyo-headquartered, Tokyo Stock Exchange-listed (tyo:3810) holding company operating as a diversified entertainment and technology conglomerate. Founded in 2000 and employing 251-500 people, the group runs nine wholly-owned subsidiaries covering game publishing, prize-based entertainment, merchandising, fintech, Web3, sales services, AI/digital transformation, casting/marketing, and disaster prevention. The group has articulated a 'PLAY THE NEXT' philosophy positioning its diversified business portfolio around consumer engagement spanning digital and physical entertainment. Leadership is anchored by founder Rui Sato as President.

The group's core operating activity is game development and publishing through CyberStep Co., Ltd., releasing visual novels and entertainment software to Nintendo Switch, PC (Steam), and Nintendo eShop — including the June 25, 2026 launch of 'Wantama☆Life ~Inuyama Tamaki's School Trip Survival~' featuring VTubers Inuyama Tamaki, Kagura Mea, and Tsukudani Norio. The Toreba Co., Ltd. subsidiary operates a crane-game prize platform, while the Terabit platform supports promotional and historical-heritage collaborations (e.g., the Okinawa City Goeku Gusuku project, June 2026; Seki Akio brand activation, July 2026). In April 2026 the group acquired NAXA Co., Ltd. for approximately $2 million to add software development capacity to its AI/DX vertical.

Revenue is generated through one-time license sales (games), transaction fees (Toreba prize entertainment), hardware/merchandise sales, fintech subscription services, Web3-related services, and AI/DX professional services. Customers are predominantly the Japanese consumer market and VTuber-fan audiences. Disclosed financials indicate a multi-year revenue decline from a 2021 peak and persistent negative EBITDA, signaling ongoing operating pressure despite continued product and platform activity.

Name

CyberStep

Legal name

CyberStep Holdings, Inc. (サイバーステップホールディングス株式会社)

Website

https://corp.cyberstep.com

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

251–500 employees

Short description

CyberStep Holdings is a Tokyo Stock Exchange-listed Japanese holding company operating nine subsidiaries spanning game publishing, prize-based entertainment, merchandising, fintech, Web3, AI/digital transformation, and related consumer services, primarily serving Japanese consumers and VTuber-fan audiences.

Ownership category

akta.pro rank

Product category

Interactive Entertainment and Video Game Publishing

NAICS

Software Publishers (5132), Other Gambling Industries (713290), Hobby, Toy, and Game Retailers (45912)

SIC

Retail-Hobby, Toy & Game Shops (5945), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Web3/Blockchain Game Studios (MPAFAAAO)

akta.pro secondary industries

GameFi Economies & Token Systems (tokens, staking, sinks/sources, inflation control) (FSAPAGAG), In-Game Asset Standards & Infrastructure (NFT items, marketplaces, royalties, asset registries) (FSAPAGAE), Gaming Collectibles, Merchandise & Toys Retail (CRACAFAI)

Keywords

• Video game publishing
• Interactive entertainment
• Prize game platforms
• Visual novel games
• Digital entertainment services

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Supply Chain

Revenue model

1. Game Business: Development and publishing of visual novels, ASMR games, and entertainment software through digital storefronts and physical media.
2. Prize Business (トレバ): Prize-based entertainment services through Treba brand.
3. Merchandising Business: MIRAIWO TSUNAGU brand focusing on merchandise and retail products.
4. Fintech Business: CrypTech Capital provides financial technology services.
5. Web3 Business: Tenora brand operating in Web3 and blockchain-related services.
6. AI/DX Business: NAXA brand providing AI and digital transformation solutions.
7. VTuber IP Licensing: Collaboration with VTubers for visual novel content featuring voice acting and ASMR experiences.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels1 record

Core offering

CyberStep Holdings develops, publishes, and distributes interactive entertainment products—primarily visual novel and ASMR games featuring VTuber talent—through Nintendo Switch, PC (Steam), and Nintendo eShop platforms. The group also operates the Toreba crane-game prize platform, merchandising, fintech (CrypTech Capital), Web3 (Tenora), and AI/DX (NAXA) service lines under a diversified entertainment holding structure.

Product overview

CyberStep Holdings operates as a multi-platform entertainment and technology group comprising multiple subsidiaries. The core offerings include game development and publishing through its main subsidiary, prize platform services (Toreba crane game platform), AI and digital transformation services (NAXA), fintech services, Web3 operations, merchandising, sales, casting/marketing, and disaster prevention businesses. The company develops and publishes visual novel games featuring VTuber talent, operates interactive platforms for brand collaborations, and pursues growth through acquisitions of specialized technology providers.

Differentiator

Problem solved

Functional benefit

Brands

• Terabit (テラビット): Game/service brand mentioned in collaboration announcements
• Toreba (トレバ)

Products and services

• Wantama☆Life ~Inuyama Tamaki's School Trip Survival~ (わんたま☆らいふ 〜犬山たまきの修学旅行サバイバル〜) A voice-acted visual novel survival adventure game featuring VTubers Inuyama Tamaki, Kagura Mea, and Tsukudani Norio, released for Japanese consumers on Nintendo Switch and PC (Steam).
• Rica Mode An ASMR visual novel starring VTuber Hanamiya Rica, co-developed with RabbitFoot, featuring fully voiced binaural-microphone ASMR performances for VTuber and ASMR entertainment consumers.
• Toreba Online Crane-Game Prize Platform (トレバ) An online crane-game (prize) platform operated by subsidiary Toreba Co., Ltd. (トレバ株式会社), allowing Japanese consumers to play remotely and redeem physical prizes through pay-per-play transactions.
• NAXA AI and Digital Transformation Services (NAXA株式会社) AI and digital transformation (DX) software development services provided by subsidiary NAXA Co., Ltd., acquired by CyberStep in April 2026 for $2 million to strengthen development resources.
• CrypTech Capital Fintech Services (CrypTech Capital 株式会社) Financial technology services offered through wholly-owned subsidiary CrypTech Capital Co., Ltd. as part of the CyberStep Holdings group's fintech business line.
• Tenora Web3 Services (テノーラ株式会社) Web3 and blockchain-related services operated by wholly-owned subsidiary Tenora Co., Ltd. (テノーラ株式会社) within the CyberStep Holdings group.
• Mirai Tunagu Merchandising Services (ミライヲツナグ株式会社) Merchandising and retail products business operated under the MIRAIWO TSUNAGU brand by subsidiary Mirai Tunagu Co., Ltd.
• Terabit Collaboration Platform (テラビット) Interactive platform used for historical heritage projects and promotional collaborations, including partnerships with content creators and personality-driven campaigns such as the 'Mr. City Legend Seki Akio' collaboration.

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered minor and core.

• NAXA株式会社 (NAXA)minorOEM/ Whitelabel/ Licensing Partner · 28 April 2026CyberStep acquired software developer NAXA for $2 million to strengthen its AI/DX business development resources. NAXA operates as part of CyberStep's group companies following the acquisition, providing AI and digital transformation services.
• RabbitFootcoreStrategic or Co-development Partner · 26 December 2025CyberStep and RabbitFoot co-developed Rica Mode, an ASMR visual novel starring VTuber Hanamiya Rica. The visual novel features fully voiced ASMR performances recorded with binaural microphones, scheduled for summer 2026 release. This represents a strategic collaboration in VTuber entertainment content.

Scale indicators1 record

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Capcom Co., Ltd. Capcom is a major Japanese game publisher with deep experience in console and PC publishing through the same channels (Steam, Nintendo eShop, physical media) that CyberStep uses for visual novel releases. Comparable in being a publicly listed Japanese game publisher.
• Bandai Namco Holdings: Bandai Namco is a Japanese entertainment conglomerate combining game IP, toys/merchandise, and amusement/prize operations. Structurally analogous to CyberStep's diversified game plus merchandising plus Toreba prize portfolio, though at substantially larger scale.
• Square Enix Holdings: Square Enix is a large Japanese game publisher with diversified entertainment operations and an M&A history, structurally similar to CyberStep's holding-company conglomerate model. Both publish on Steam and Nintendo platforms and have grown through acquisition.
• Sega Sammy Holdings: Sega Sammy combines game publishing (Sega) with amusement/prize operations that are structurally similar to Toreba's crane-game business. As a Japanese entertainment conglomerate it shares the multi-segment, public-listed business model with CyberStep.
• Konami Group Corporation: Konami operates a diversified entertainment portfolio spanning games and arcade/prize operations, comparable to CyberStep's mix of game publishing and Toreba prize games. Both are Japanese-listed entertainment conglomerates with multi-decade operating histories.

Emerging players

• Akatsuki Inc. Akatsuki is a Japanese mobile game developer focused on lifestyle and entertainment apps, comparable in scale and Japanese consumer focus to CyberStep's core gaming subsidiary, and similarly listed on a Japanese exchange.
• Gumi Inc. Gumi is a Japanese mobile and blockchain game developer that overlaps with CyberStep in targeting Japanese mobile gamers with emerging blockchain/Web3 exposure, making it a partial peer to the Tenora subsidiary and overall digital game business.
• Bushiroad Inc. Bushiroad is a mid-sized Japanese entertainment company with comparable TCG/anime game IP and merchandising operations. Both target otaku-oriented Japanese consumer segments and operate multi-label entertainment brands.

Direct peers

• ANYCOLOR Inc. ANYCOLOR operates Nijisanji, the second major Japanese VTuber agency whose talent archetypes appear in CyberStep's visual novel projects. Comparable business model of monetizing virtual talent IP through content, licensing, and merchandise.
• Cover Corporation: Cover operates Hololive, Japan's largest VTuber agency and a key source of IP for CyberStep's visual novel collaborations. Both companies monetize Japanese VTuber IP, though Cover captures it primarily via streaming and licensing while CyberStep packages it into console/PC visual novels.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/cyberstepJP
• Facebookfacebook.com/CyberStep.JP
• LinkedInlinkedin.com/company/cyberstep-communications-inc-

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries9 records

Funding overview

Funding rounds3 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CyberStep