Bakkt Holdings has announced its intention to acquire a 30% stake in the Japanese company Marusho Hotta, marking a transformation of the firm into a Bitcoin investment tool.
Acquisition of Marusho Hotta Shares
On August 6, Bakkt Holdings announced it would acquire a 30% stake in Marusho Hotta, a publicly traded Japanese firm, from RIZAP Group, making Bakkt the largest shareholder. The deal includes a complete rebrand to bitcoin.jp and a leadership overhaul.
Shift to Bitcoin Strategy
Pending shareholder approval, Bakkt International President Phillip Lord will take the helm as CEO, integrating Bitcoin and digital assets into the company’s treasury strategy. Bakkt has already secured the bitcoin.jp domain, indicating its intent in the corporate crypto space.
Bakkt's Background and Challenges
The transformation of Marusho Hotta into a Bitcoin-focused company is part of Bakkt's bold maneuver amid financial challenges. Over the past year, Bakkt has faced rumors of potential deals but now is making its most significant move to ensure survival. In February of last year, Bakkt warned that it might not continue its operations due to insufficient funds.
The acquisition of Marusho Hotta is a significant attempt by Bakkt to adapt to market changes and establish itself as a leading company in the Bitcoin space.
