The deal marks Bakkt’s latest pivot toward becoming a crypto treasury company, with a 30% stake in Tokyo-listed Marusho Hotta and plans to rebrand it as bitcoin.jp.
Digital asset custodian and trading company Bakkt is finalizing a minority acquisition of Japanese company Marusho Hotta, marking a strategic step in its transformation into a crypto treasury business backed by Bitcoin and other digital assets.
As part of the deal, Bakkt announced plans to acquire a 30% stake in Marusho Hotta, a publicly listed company that manufactures specialty yarns for domestic and international markets. The company will be renamed “bitcoin.jp,” signaling a likely pivot toward operating as a Bitcoin (BTC) treasury vehicle.
Marusho Hotta trades under the ticker symbol 8105 on the Tokyo Stock Exchange. Its stock surged more than 36% on Wednesday, likely in response to the acquisition news.
Read more
If you liked the article, do not forget to share it with your friends. Follow us on Google News too, click on the star and choose us from your favorites.
If you want to read more News articles, you can visit our General category.
