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.
Before the announcement, Marusho Hotta was effectively a penny stock, with shares rarely trading above 60 yen, or approximately 41 cents.
In addition to targeting Japan for international expansion, Bakkt operates in several regions, including Latin America and other parts of Asia.
The minority stake appears part of Bakkt’s ongoing strategy to reposition itself as a pure-play crypto infrastructure company. This shift was underscored in June, when the company announced plans to raise up to $1 billion through various securities offerings, potentially to support future Bitcoin purchases.
Shortly afterward, Bakkt revealed it had sold its loyalty business to focus entirely on becoming a dedicated crypto firm, with all resources redirected toward its “core crypto offerings,” according to co-CEO Andy Main.
Founded in 2018 by Intercontinental Exchange, Bakkt was initially launched to help institutions buy, sell and store digital assets, including Bitcoin futures.
The company has undergone several strategic pivots over the years, partly driven by financial challenges.
Related: Cango posts ‘massive’ July Bitcoin haul, boosting corporate treasury
From Bitcoin to altcoins: Corporate treasury strategies are evolving
Bakkt is among a growing number of companies transitioning into crypto treasury firms — a trend that began in 2020 with Michael Saylor’s MicroStrategy, now rebranded as Strategy.
Today, hundreds of public companies hold Bitcoin on their balance sheets. These include crypto-native businesses such as Bitcoin miners, dedicated treasury firms like Twenty One Capital and more traditional enterprises that are diversifying their treasury strategies through Bitcoin accumulation.
According to data from Bitbo, public companies collectively hold over 932,000 BTC, accounting for roughly 4.4% of Bitcoin’s total supply. Private companies add another 426,000 BTC to the mix.
Corporate treasury strategies are also expanding beyond Bitcoin, with companies increasingly adding altcoins such as Ether (ETH), Solana (SOL) and XRP (XRP) to their balance sheets.
As Cointelegraph reported, companies across sectors, including agtech, consumer manufacturing and textiles, have begun allocating to these digital assets in recent months.
Related: Crypto Biz: Bitcoin, treasuries and the stablecoin surge