Bakkt Holdings announced an agreement to acquire 30% of shares in Japan's Marusho Hotta, making Bakkt the largest shareholder. The contract is subject to shareholder approval.
Stock Exchange with Marusho Hotta
Bakkt Holdings has reached an agreement to acquire approximately 30% of Marusho Hotta, a subsidiary of RIZAP Group. This will lead to the renaming of Marusho Hotta to ‘bitcoin.jp’, highlighting the company’s new focus on investments in Bitcoin and other digital assets.
Bakkt's Strategic Plans
Bakkt International Chairman Phillip Lord will be appointed as the new CEO of the company. This agreement forms part of Bakkt's strategic transformation, which also includes the announcement of a $75 million IPO, with intentions to use part of the funds for Bitcoin purchases and the creation of a treasury of crypto assets.
Market Prospects and Reactions
The deal was viewed as a positive step for Bakkt's growth in the Japanese market; however, the company's shares faced negative market reactions following the announcements. Co-CEO Akshay Naheta noted that Japan's regulatory environment offers an ideal platform for Bitcoin-centric growth plans.
The deal with Marusho Hotta opens new opportunities for Bakkt in the Japanese market despite initial negative stock responses. Changes within the company reflect its aim to strengthen its position in the rapidly growing segment of crypto assets.
