Bakkt has announced the successful acquisition of a 30% stake in Japanese company Marusho Hotta, making it the largest shareholder. This deal opens new horizons for entering the crypto market.
Acquisition of Marusho Hotta Shares
Bakkt, a well-known crypto exchange, has acquired 30% of Marusho Hotta's shares, making it the largest shareholder of the company. Phillip Lord, president of Bakkt, has been appointed CEO of Marusho Hotta and will oversee the establishment of a new cryptocurrency reserve direction, including investments in Bitcoin and other cryptocurrencies.
Market Reaction to the Deal
Immediately after the news of the deal was published, Marusho Hotta's stock prices soared by almost 35%. Over the past week, their price fluctuated between 40 and 50, and following the Bitcoin Treasury announcement, the stock closed at 113 on the Tokyo Stock Exchange.
Trends in Crypto Treasuries
The shift of Marusho Hotta from a textile company to a BTC treasury illustrates a growing trend among companies to integrate crypto assets into their financial strategies. Crypto treasuries are becoming an important element for sustainable growth for firms in today’s climate.
The deal between Bakkt and Marusho Hotta highlights a strategic shift towards integrating crypto assets into traditional business. This may signal the dawn of a new era for companies looking to leverage the opportunities offered by digital currencies.
