Bakkt Acquires 30% Stake in Japan’s Marusho Hotta, Plans Rebrand to bitcoin.jp

     

U.S.-based crypto firm pivots to Bitcoin treasury model with Japanese expansion

Digital asset firm Bakkt is acquiring a 30% stake in Japanese yarn manufacturer Marusho Hotta as part of its strategic shift into a dedicated crypto treasury platform. The company plans to rebrand the Tokyo-listed firm as bitcoin.jp, signaling a dramatic pivot from textiles to Bitcoin-focused financial services.

The announcement sent Marusho Hotta’s shares soaring over 36% on Wednesday. The company, which trades under ticker 8105 on the Tokyo Stock Exchange, had previously been trading as a low-liquidity penny stock, rarely exceeding 60 yen per share.

Bakkt’s acquisition aligns with its broader vision to become a pure-play crypto infrastructure company. The move comes just months after the firm raised up to $1 billion through securities offerings and sold off its loyalty program business to concentrate entirely on core crypto services.

Bakkt Targets Japan Amid Global Crypto Push

Japan now joins Bakkt’s list of targeted international markets, which already includes parts of Latin America and Asia. By acquiring a publicly listed company, Bakkt gains a faster regulatory foothold in Japan while accelerating its crypto treasury ambitions.

Founded by Intercontinental Exchange in 2018, Bakkt has undergone multiple strategic pivots – from Bitcoin futures and institutional custody to its latest focus on digital asset treasuries. Co-CEO Andy Main emphasized in June that all company resources are now directed toward Bakkt’s core crypto offerings.

The Rise of Bitcoin-Powered Treasuries

Bakkt’s transformation mirrors a broader trend that began with MicroStrategy’s aggressive Bitcoin accumulation strategy in 2020. The movement has since spawned a wave of corporate treasury conversions – with public and private firms alike allocating portions of their balance sheets to digital assets.

Public companies now hold over 932,000 BTC, according to Bitbo data, representing 4.4% of the total Bitcoin supply. Private companies contribute another estimated 426,000 BTC.

These treasury strategies are also diversifying beyond Bitcoin. A growing number of firms are now incorporating altcoins such as Ether, Solana, and XRP into their portfolios – underscoring a shift toward broader digital asset exposure in corporate finance.