The digital asset custody and trading company Bakkt is completing a minority stake acquisition of the Japanese company Marusho Hotta, marking a strategic step in its transformation into a cryptocurrency treasury business supported by Bitcoin and other digital assets.
As part of the deal, Bakkt announced plans to acquire a 30% stake in Marusho Hotta, a publicly traded company that produces specialty yarns for domestic and international markets. The company will be renamed "bitcoin.jp," indicating a potential shift to operate as a Bitcoin (BTC) treasury tool.
Marusho Hotta trades on the Tokyo Stock Exchange under the stock code 8105. Its stock price surged over 36% on Wednesday, possibly in response to the acquisition news.
Prior to the announcement, Marusho Hotta was essentially a penny stock, with its price rarely exceeding 60 yen, approximately 41 cents.
In addition to targeting Japan for international expansion, Bakkt operates in several regions, including Latin America and other parts of Asia.
This minority stake appears to be part of Bakkt's ongoing strategy to reposition itself as a pure cryptocurrency infrastructure company. This shift was emphasized in June when the company announced plans to raise up to $1 billion through various securities offerings, potentially to support future Bitcoin purchases.
Shortly thereafter, Bakkt revealed it had sold its loyalty business to focus on becoming a dedicated cryptocurrency company, with all resources redirected to its "core cryptocurrency products," said co-CEO Andy Main.
Bakkt was founded by the Intercontinental Exchange in 2018, initially launched to help institutions buy, sell, and store digital assets, including Bitcoin futures.
Over the years, the company has undergone multiple strategic transformations, partly due to financial challenges.
Bakkt is one of the growing number of companies transforming into cryptocurrency treasury firms—a trend that began in 2020 with Michael Saylor's Strategy (formerly MicroStrategy).
Today, hundreds of publicly traded companies hold Bitcoin on their balance sheets. These companies include cryptocurrency-native enterprises like Bitcoin miners, specialized treasury firms like Twenty One Capital, and more traditional companies diversifying their treasury strategies through Bitcoin accumulation.
According to Bitbo, publicly traded companies collectively hold over 932,000 BTC, accounting for approximately 4.4% of the total Bitcoin supply. Private companies hold an additional 426,000 BTC.
Corporate treasury strategies are also expanding beyond Bitcoin, with companies increasingly adding altcoins like Ethereum (ETH), Solana (SOL), and Ripple (XRP) to their balance sheets.
As reported by Cointelegraph, companies across various industries, including agri-tech, consumer goods manufacturing, and textiles, have begun allocating these digital assets in recent months.
Related: Reports indicate that South Korea's KakaoBank plans to "actively participate" in the stablecoin market.
Original: “Bakkt Transforms Yarn into Bitcoin (BTC) by Holding 30% Stake in Japan's Marusho Hotta”
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