Bakkt Acquires 30% of Japan’s Marusho Hotta, Plans bitcoin.jp Rebrand to Expand Global Bitcoin Strategy

Bakkt Holdings, Inc. (NYSE: BKKT) has acquired a 30% stake in Marusho Hotta Co., Ltd. (TSE: 8105) for $115 million, through a share purchase agreement with RIZAP Group Inc. The deal makes Bakkt the largest shareholder of the Tokyo-listed company.

This acquisition represents a strategic move in Bakkt’s global expansion plan, capitalizing on Japan’s crypto-friendly regulations to embed bitcoin into corporate treasury strategies. Bakkt intends to rebrand Marusho Hotta as “bitcoin.jp” pending shareholder approval and has already secured the domain www.bitcoin.jp, as reported by Bitcoinist.

“Japan's regulatory environment creates an ideal platform for a Bitcoin-centered growth business,” said Akshay Naheta, Co-CEO of Bakkt, citing regulatory clarity as a major factor behind the decision.

Transforming Marusho Hotta into a Bitcoin Treasury Hub

Previously a textile trading firm, Marusho Hotta is now being transformed into a bitcoin treasury hub under Bakkt’s guidance. Phillip Lord, President of Bakkt International, will take over as CEO to lead the integration of bitcoin into the company’s financial operations.

This repositioning reflects the broader trend of corporations adopting bitcoin as a reserve asset—mirroring strategies seen at firms like MicroStrategy. The market responded swiftly: Marusho Hotta’s stock surged from approximately $54 to nearly $113 following the announcement, marking a gain of over 110%.

Financial Context and Market Outlook

The acquisition arrives at a crucial moment for Bakkt, which has recently faced financial setbacks, including the loss of key clients and heightened stock volatility. In response, the company has divested its loyalty rewards business to concentrate fully on core crypto asset services—a strategic pivot toward bitcoin-focused solutions.

By entering Japan, Bakkt is positioning itself at the heart of Asia’s expanding crypto economy. Bakkt aims to convert legacy businesses into bitcoin-centric entities, tapping into the growing corporate appetite for crypto-based treasury solutions.