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 cryptocurrency 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 produces specialist yarns for domestic and international markets. The company will be renamed to “Bitcoin.”BTC) Treasury vehicles.
Marusho Hotta trades under the stock symbol 8105 of the Tokyo Stock Exchange. Its stock soared more than 36% on Wednesday, which could be a response to acquisition news.
Before the announcement, Marusho Hotta was actually a cent stock, with stock trading rarely exceeding 60 yen, or about 41 cents.
In addition to targeting Japan for international expansion, Bakkt operates in several regions including Latin America and other regions in Asia.
Minority stake appears to be Bakkt’s ongoing strategy to reposition itself as a pure crypto infrastructure company. The shift was highlighted in June when the company announced plans Raise up to $1 billion Through various securities products, it is possible to support future Bitcoin purchases.
Not long after, Bakkt revealed it Sell its loyalty business Co-CEO Andy Main said that he was completely focused on being a dedicated crypto company, with all resources redirected to its “core crypto products.”
Founded by InterContinental Exchange in 2018, Bakkt was originally intended to help institutions buy, sell and store digital assets including Bitcoin futures.
Over the years, the company has gone through several strategic hubs, Partly driven by financial challenges.
Related: Cango post “massive” Bitcoin Shipping in July, Promoting Corporate Finance Ministry
From Bitcoin to Altcoins: Company Treasury Strategy Is Evolving
Bakkt is one of the more companies that transition to cryptocurrency companies, a trend that began in 2020, with Michael Saylor’s MicroStrategy now known as Strategy.
Today, hundreds of publicly traded companies hold Bitcoin on their balance sheets. These include crypto-local businesses such as Bitcoin miners, specialized finance companies such as Twenty-one capitals and more traditional enterprises that diversify their treasury strategies through Bitcoin accumulation.
according to data From Bitbo, listed companies jointly hold more than 932,000 BTC, accounting for approximately 4.4% of the total Bitcoin supply. Private companies added another 426,000 BTC to the mix.
In addition to Bitcoin, companies are increasingly adding altcoins (e.g. Ether) (eth), solana (sol) and xrp(XRP) to their balance sheet.
As Auxiliary device reportCompanies in various sectors including Agtech, consumer manufacturing and textiles have begun allocating these digital assets.
Related: Cryptocurrencies: Bitcoin, Treasury and Stablecoin surge
