Bakkt Holdings announced the acquisition of 30% of shares in Tokyo-listed Marusho Hotta, becoming the largest shareholder. This deal marks a new stage in Bakkt's evolution as a cryptocurrency-focused company.
Acquisition of Marusho Hotta Shares
Bakkt Holdings, a cryptocurrency infrastructure firm, has acquired about 30% of the shares of Marusho Hotta Co., Ltd. from RIZAP Group, Inc. This transaction makes Bakkt the largest shareholder of the company, preparing to implement changes that align with its Bitcoin integration strategy.
New Strategic Changes
Under the agreement, Phillip Lord, President of Bakkt International, will take over as CEO of Marusho Hotta. The company plans to incorporate Bitcoin and other cryptocurrencies into its corporate strategy. Additionally, Marusho Hotta is expected to be rebranded as Bitcoin.jp, following Bakkt's vision for digital asset development.
Reactions and Next Steps
The rebranding of Marusho Hotta and the transition to new management are subject to shareholder approval. The terms of the deal were not disclosed, but Bakkt anticipates further announcements as the transaction progresses. Co-CEO Akshay Naheta noted that Japan's transparent crypto regulations create a robust environment for Bitcoin-focused business growth.
The acquisition of Marusho Hotta shares and plans for rebranding highlight Bakkt's ambitious goals in the digital asset space, showcasing its strategic focus on Bitcoin and expanding its international presence.
