🇯🇵 Bakkt Takes 30% of Marusho Hotta — Rebrands as ‘Bitcoin JP’ in Bold Japan Play

Bakkt Holdings (BKKT), a major crypto services business, plans to buy 30% of MarushoHotta Co., Ltd. (MHT), a Tokyo Stock Exchange-listed company.

Bakkt became MHT's biggest stakeholder after a share purchase deal with metallurgical business RIZAP Group, Inc.

Bitcoin in MHT Treasury Management Plans

Phillip Lord, President of Bakkt International, will become MHT CEO, as revealed on Wednesday. MHT wants to use Bitcoin (BTC) and other digital assets in its treasury management under his supervision.

Bakkt has also obtained www.bitcoin.jp, which will become MarushoHotta's new identity pending shareholder approval.

Bakkt co-CEO Akshay Naheta said Japan's regulatory framework is ideal for a Bitcoin-focused business strategy.

He pledged to work with MHT's staff to incorporate Bitcoin into their operations and finances to make MHT a leading Bitcoin treasury:

Bitcoin-focused growth businesses thrive in Japan's regulatory framework. We look forward to working with MHT's team to incorporate Bitcoin into their operational and financial strategy and make them a top Bitcoin treasury.

Bakkt Stock Falls
This purchase supports Bakkt's Bitcoin expansion plan. The business recently revealed ambitions to raise up to $1 billion via securities offerings, a trend among publicly listed corporations to increase their bitcoin holdings.

Underwriters have a 30-day option to buy 15% of the Class A common stock and pre-funded warrants, allowing for over-allotments.

Bakkt has struggled despite these big goals. BKKT's shares dropped 30% in March 2025 when two large customers, including Bank of America, said they would not renew their financial relationships with Bakkt.

BKKT finished Wednesday at $9.77, up 2.5%. The stock is approximately 70% below this year's $31 high.

Longer term, BKKT hit a record high of $1,271 in November 2021, over a 100% gap, illustrating the firm's previous problems.


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