Digital asset custodian Bakkt finalized a minority acquisition of Japanese manufacturer Marusho Hotta, signaling a key strategic move in its transformation into a dedicated crypto treasury business, heavily backed by Bitcoin (BTC) holdings.
Under the deal terms, Bakkt will acquire a 30% stake in Marusho Hotta, listed as 8105 on the Tokyo Stock Exchange (TSE). Upon acquisition, the company will be rebranded as “bitcoin.jp,” aligning with Bakkt’s objective to operate as a Bitcoin treasury vehicle.
Capitalizing on the M&A news, Marusho Hotta’s stock surged more than 36% Wednesday, reversing its typical status as a nearly dormant penny stock – previously rarely exceeding 60 yen per share (around $0.41).
Bakkt pursues expansion into key global regions including Latin America and Asia. This minority stake represents the crypto infrastructure specialist’s ongoing strategic redirection towards crypto-specific operations.
Bakkt CEO Andy Main confirmed the company’s complete pivot away from its origins in the loyalty program business after achieving a significant financial milestone last month: announcing plans to raise up to $1 billion via securities offerings to support future Bitcoin purchases.
From its founding in 2018 by Intercontinental Exchange, Bakkt’s core mission evolved significantly. After facing financial headwinds and changing market dynamics, resource allocation has been streamlined exclusively toward core crypto offerings.
Related: Cango posts ‘massive’ July Bitcoin haul, boosting corporate treasury
From Bitcoin to altcoins: Corporate treasury strategies are evolving
Bakkt follows numerous corporations that have built or repositioned themselves as crypto treasury firms – a trend gaining momentum since MicroStrategy’s (now Strategy) pioneering move in 2020.
Public companies holding Bitcoin on their balance sheets now number hundreds, ranging from crypto-native miners to established treasury providers like Twenty One Capital and traditional enterprises expanding treasury diversification.
Aggregated data indicates public corporations collectively hold a substantial portion of the Bitcoin supply – approximately 932,000 BTC, or 4.4% total coins. Private entities contribute an additional 426,000 BTC.
Furthermore, corporate treasury diversification extends beyond Bitcoin to encompass various altcoins including Ether (ETH), Solana (SOL) and XRP (XRP). Recent months have witnessed manufacturing conglomerates spanning diverse traditional sectors allocating substantial capital to these emerging asset classes.
Related: Crypto Biz: Bitcoin, treasuries and the stablecoin surge
