Digital asset custodion and trading company Bakkt is finalizing minority acquisition of Japanese company Marusho Hotta, which mark a strategic move in its change in crypto treasury business supported by bitcoins and other digital assets.
As part of the deal, Bakkt announced a plan to gain 30% stake in the publicly listed company Marusho Hotta, which creates special yarn for domestic and international markets. The company will be renamed as “bitcoin.JP”, indicating a possible axis towards operating as a bitcoin (BTC) treasury vehicle.
The Tikar at the Tokyo Stock Exchange trades Marusa Hota under the Tikar Prateek 8105. Its stock increased by more than 36% on Wednesday, which is likely to be in response to the news of the acquisition.
Prior to the announcement, Marusho Hotta was effectively a penny stock, in which shares rarely traded 60 yen, or about 41 cents.
In addition to targeting Japan for international expansion, Bakkat is operated in many areas, including Latin America and other parts of Asia.
Minority stake appears part of the ongoing strategy to change itself as a pure-play Crypto Infrastructure Company. The change was underlined in June, when the company announced a plan to increase to $ 1 billion through offerings of various securities, possibly to support future bitcoin purchases.
Shortly thereafter, Bakkt revealed that he had sold his loyal business to focus on becoming a completely dedicated crypto firm, all resources resolved to their “core crypto prasad” according to co-CEO Andy Men.
Established in 2018 by the Intercontinental Exchange, Bakkt was initially launched to help buy, sell and store digital assets including bitcoin futures.
The company has passed through several strategic pivotes over the last few years, which is partially inspired by financial challenges.
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Bakkt Crypto Treasury is one of the increasing number of companies infected in treasury – a trend that began in 2020 with a microstrate of Michael Syrorer, now reproduced as a strategy.
Today, hundreds of public companies hold bitcoins on their balance sheet. These include Crypto-foreign business such as bitcoin minors, Twenty one capital and dedicated treasury firms such as more traditional enterprises that are bringing diversity to their treasury strategies through bitcoin accumulation.
As data From Bitbo, public companies collectively hold more than 932,000 BTC, accounting for about 4.4% of the total supply of bitcoins. Private companies add another 426,000 BTC to the mixture.
Corporate treasury strategies are also expanding beyond bitcoin, companies have rapidly added ultachocines such as Ether (ETH), Solan (Sol) and XRP (XRP) to their balance sheet.
As cointelegraph reported, companies in areas including Agtech, consumer manufacturing and textiles have started allocating these digital assets in recent months.
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