The Bakkt platform has announced the acquisition of a 30% stake in the Japanese company Marusho Hotta, intending to rename it to bitcoin.jp and focus on a Bitcoin utilization strategy.
Key Deal Details
On August 6, Bakkt Holdings announced the acquisition of a 30% stake in Marusho Hotta from popular wellness conglomerate RIZAP Group, making Bakkt the largest shareholder of the firm. The deal also involves renaming the company to bitcoin.jp.
Changes in Management Structure
As part of the reorganization, Bakkt will appoint a new CEO, Phillip Lord, president of Bakkt International. These changes are subject to shareholder approval, indicating a significant shift in the strategy of the little-known Japanese firm.
Bakkt's Strategic Reorganization
According to Akshay Naheta, co-CEO of Bakkt, 'Japan’s regulatory environment creates an ideal platform for a Bitcoin-centered growth business.' Bakkt has previously faced financial difficulties, leading to a major reassessment of its business and a focus on digital assets.
The acquisition of Marusho Hotta marks another step for Bakkt in reclaiming its position in the digital asset space, emphasizing the intent to integrate Bitcoin into its corporate model.
