Bakkt Targets Japan With Marusho Hotta Deal and Domain Acquisition
Bakkt Holdings Inc. (NYSE: BKKT) announced Wednesday it will acquire roughly 30% of Tokyo-listed MarushoHotta Co., Ltd. (TSE: 8105), becoming the company’s largest shareholder and advancing its multinational bitcoin treasury strategy.
WRITTEN BY
Jamie Redman
Bakkt Targets Japan With Marusho Hotta Deal and Domain Acquisition
Bakkt Expands Into Japan
The share purchase agreement with RIZAP Group Inc. positions Bakkt to influence MHT’s direction, with Phillip Lord, president of Bakkt International, set to become MHT’s chief executive officer. The deal includes plans for MHT to integrate bitcoin (BTC) and other digital assets into its treasury holdings, aligning with Bakkt’s expanded focus on crypto infrastructure.
As part of the transaction, Bakkt has acquired the web domain www.bitcoin.jp, which is expected to become MHT’s new name pending shareholder approval. According to the announcement, the rebranding would mark a significant shift in MHT’s corporate identity toward a bitcoin-centered model.
Akshay Naheta, Bakkt’s co-CEO, said Japan’s regulatory climate offers a strong foundation for such an initiative. “Japan’s regulatory environment creates an ideal platform for a bitcoin-centered growth business,” Naheta said. “We look forward to working with MHT’s team to integrate bitcoin into their operating and financial model and to establish MHT as a leading bitcoin treasury company.”
The acquisition comes less than two weeks after Bakkt revealed a $75 million public offering to fund bitcoin purchases and expand its digital asset operations. The latest move signals the company’s intention to build an international network of bitcoin treasury entities, beginning in Japan.
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