Bakkt spins yarn into Bitcoin with 30% stake in Japan’s Marusho Hotta
The deal marks Bakkt’s latest pivot toward becoming a crypto treasury company, with a 30% stake in Tokyo-listed Marusho Hotta and plans to rebrand it as bitcoin.jp.
Digital asset custodian and trading company Bakkt is finalizing a minority acquisition of Japanese company Marusho Hotta, marking a strategic step in its transformation into a crypto treasury business backed by Bitcoin and other digital assets.
As part of the deal, Bakkt announced plans to acquire a 30% stake in Marusho Hotta, a publicly listed company that manufactures specialty yarns for domestic and international markets. The company will be renamed “bitcoin.jp,” signaling a likely pivot toward operating as a Bitcoin (BTC) treasury vehicle.
Marusho Hotta trades under the ticker symbol 8105 on the Tokyo Stock Exchange. Its stock surged more than 36% on Wednesday, likely in response to the acquisition news.
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