Bakkt is acquiring a 30% stake in Japanese firm Marusho Hotta and is expanding into Asian crypto markets.
Amid a sea of new crypto treasury companies popping up, Bakkt and BitBridge are in the news today, after they both provided updates on their bitcoin treasury strategies.
Bakkt (BKKT), the technology firm that went all-in on crypto, has signed a deal to acquire nearly one-third of Japanese trading company Marusho Hotta (8105), in a move that could signal a broader international bitcoin BTC$117,294.63 strategy for the U.S.-based digital asset platform, the company said in a press release Wednesday.
Under the agreement with RIZAP Group Inc., Bakkt will acquire roughly 30% of the Tokyo-listed company, positioning itself as Marusho Hotta’s largest shareholder.
Pending shareholder approval, Marusho Hotta will be renamed bitcoin.jp, aligning its brand with its new bitcoin-centric direction, the company said. Bakkt has also secured the domain bitcoin.jp as part of the deal.
In a strategic leadership shift, Phillip Lord, President of Bakkt International, will take over as CEO of Marusho Hotta.
Meanwhile, bitcoin treasury firm BitBridge Capital Strategies has completed its merger with Green Mountain Merger Inc., the company said in a press release yesterday.
The company will start trading under the ticker symbol BTTL on the over-the-counter (OTC) markets by the end of the third quarter, with plans to uplist to NASDAQ thereafter.
Read more: Bakkt Sells Loyalty Business and Pivots to Pure-Play Crypto, Offers Shares
Will Canny is an experienced market reporter with a demonstrated history of working in the financial services industry. He's now covering the crypto beat as a finance reporter at CoinDesk. He owns more than $1,000 of SOL.
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