The digital asset custody and trading company Bakkt is completing a minority stake acquisition of Japanese company Marusho Hotta, marking a strategic step in its transformation towards becoming a cryptocurrency treasury business supported by Bitcoin and other digital assets.
Bakkt announced it will acquire 30% of Marusho Hotta, a publicly traded company that produces specialty yarns in domestic and international markets. The company will be renamed 'bitcoin.jp', indicating a possible shift towards functioning as a Bitcoin (BTC) treasury vehicle.
Marusho Hotta's code on the Tokyo Stock Exchange is 8105. On Wednesday, its stock rose over 36% due to the acquisition news.
For international expansion, Bakkt is operating not only in Japan but also in other regions of Latin America and Asia.
This minority stake acquisition seems to be part of Bakkt's strategy to reposition itself as a pure crypto infrastructure company. In June, the company announced plans to raise up to $1 billion through various securities offerings, potentially for future Bitcoin purchases.
Shortly thereafter, Bakkt announced it had sold its loyalty business to focus on becoming a company dedicated to cryptocurrency, redirecting all resources to its 'core crypto services,' said co-CEO Andy Main.
From Bitcoin to Altcoins: The Evolution of Corporate Treasury Strategies
Bakkt is one of the growing number of companies transforming into crypto treasury firms—a trend that began in 2020 with Michael Saylor's MicroStrategy, now rebranded as Strategy.
Today, hundreds of publicly listed companies hold Bitcoin. These include Bitcoin mining companies, dedicated treasury firms like Twenty One Capital, and traditional businesses diversifying their treasury strategies through Bitcoin accumulation.
According to Bitbo, publicly listed companies collectively hold over 932,000 BTC, accounting for approximately 4.4% of the total Bitcoin supply. Private companies have also added an additional 426,000 BTC.
Corporate treasury strategies are also extending beyond Bitcoin, with more companies incorporating altcoins such as Ethereum (ETH), Solana (SOL), and XRP (XRP) into their balance sheets.
