Bakkt to buy 30% of Japan’s Marusho Hotta, rebrand it bitcoin.jp
Bakkt is acquiring a 30% stake in Japanese yarn maker Marusho Hotta as part of its pivot to crypto treasury services, with plans to rebrand the firm 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.
