Crypto Asset Platform Bakkt Holdings Acquires Japanese-Based Company! Here's the Company's New Name

Crypto asset platform Bakkt Holdings (BKKT) has reached an agreement to acquire approximately 30% of Japan-based Marusho Hotta from RIZAP Group.

Bakkt Acquires 30% of Japan's Marusho Hotta: Company Named “bitcoin.jp”

With this acquisition, Bakkt will become the largest shareholder in Tokyo Stock Exchange-listed Marusho Hotta. Bakkt International Chairman Phillip Lord will also be appointed as the company's new CEO.

According to the statement, under the agreement, which is subject to shareholder approval, Marusho Hotta's name will be changed to “bitcoin.jp” and investments in Bitcoin and other digital assets will be officially added to the company's corporate policies.

This move is considered part of Bakkt's strategic transformation. Last month, the company announced a $75 million IPO and would use a portion of the funds to purchase Bitcoin. Furthermore, in a larger plan announced at the end of June, Bakkt announced its goal of raising up to $1 billion to build a treasury of crypto assets.

However, these initiatives were met with negative market response in the short term. Bakkt shares experienced a significant decline after the $75 million deal was priced.

Bakkt co-CEO Akshay Naheta said today that Japan's regulatory environment provides an “ideal platform” for Bitcoin-centric growth plans. He described the deal as the starting point for Bakkt's crypto treasury strategy.

Bakkt is working with the team at Marusho Hotta (now bitcoin.jp) to integrate Bitcoin into the company's operational and financial plans. The name change and major corporate shift are subject to shareholder approval. The financial details of the agreement have not yet been made public.

Bakkt has continued to attract attention with its strategic direction over the past year. Reports in November 2024 suggested that Trump Media & Technology Group was considering a possible acquisition of Bakkt. However, no official announcement has been made to date.

*This is not investment advice.