- Bakkt acquires 30% of Marusho Hotta, becoming its largest shareholder in Japan.
- The TSE-listed firm Marusho Hotta rebrands as bitcoin.jp, adopting Bitcoin in core operations.
- Bakkt shifts focus to crypto treasury, investing in digital assets, and global expansion.
Marking an innovative move, Bakkt Holdings, Inc. (NYSE: BKKT), acquired a 30% stake in Marusho Hotta Co., Ltd. (TSE: 8105), a company listed on the Tokyo Stock Exchange, following a share purchase agreement with RIZAP Group, Inc. This purchase entitles Bakkt as the largest shareholder of Marusho Hotta, a company known for its specialty yarn manufacturing.
According to the press release, Marusho Hotta will rebrand as “bitcoin.jp,” and also include Bitcoin as part of the company’s financial and operational processes, signaling Bakkt’s potential to adopt the Bitcoin treasury business.
Additionally, Phillip Lord, the President of Bakkt International, will be appointed as the CEO of Marusho Hotta, marking a significant change in leadership that aligns with Bakkt’s expansion of crypto operations in Asia. The deal forms part of Bakkt’s broader effort to position the company as a key player in the global cryptocurrency market, particularly in countries such as Japan.
Strategic Leadership and Digital Asset Integration
The acquisition of Bakkt will transform Marusho Hotta into a company focused on Bitcoin. With the initiative of a crypto treasury strategy, Bakkt intends to invest in cryptocurrency and other digital assets. Moreover, by renaming Marusho Hotta to bitcoin.jp, Bakkt reflects its willingness to incorporate digital assets within its business core operations. This move also allows the company to capitalize on the rising popularity of crypto assets in Japan, where regulations are being viewed as friendly to the growth of crypto businesses.
Bakkt has been considering other markets outside the United States as part of its international strategy. Notably, the company has already strengthened its position in Latin America and also in parts of Asia. With its latest purchase, Bakkt will be able to strengthen its operations in the fast-growing cryptocurrency market in Japan. By incorporating Bitcoin into Marusho Hotta’s financial strategy, Bakkt aims to establish a strong and scalable business structure that is centered on digital assets.
Bakkt’s Pivot to Crypto Treasury Business
The purchase of Marusho Hotta also supports Bakkt’s strategic plans for a dedicated crypto infrastructure and treasury business. Furthermore, the company has notably changed its strategy by selling its loyalty business to focus on core crypto operations.
In addition, it recently raised $75 million in a public offering and plans to raise $1 billion multi-security shelf offering to buy Bitcoin and other digital currencies. In the long run, Bakkt aims to grow its assets under management in Bitcoin and enhance its treasury capabilities.
Bakkt’s approach to becoming a crypto treasury aligns with the wider development of corporations, which include crypto in their asset balances. High-profile firms, such as Strategy, have already made Bitcoin a core part of their corporate treasury strategy.
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Bitcoin Adoption Rises Among Corporations
The move to acquire Marusho Hotta is part of a larger trend in the corporate treasury world, where firms are increasingly holding Bitcoin as part of their asset diversification strategy. In a recent report by Bitbo, over 932,000 BTC, amounting to 4.4% of the total Bitcoin supply, is owned by publicly traded organizations. The trend towards a crypto treasury company aligns with such changes, and an increasing number of enterprises are tracking the benefits of maintaining Bitcoin as a long-term financial plan.
