The BAKKT digital asset and trading company ends with a minority taking Japanese company Marusho Hotta, who has marked a strategic step in its transformation into a Crypto Treasury business supported by Bitcoin and other digital assets.
As part of the deal, BAKKT has announced plans to get a 30% stake at Marusho Hotta, a publicly listed company that makes specialists threaded for domestic and international markets. The company will be replaced by the name “Bitcoin.jp,” which signed a likely pivot toward operation as a bitcoin (Btc) Treasury vehicle.
The Marusho Hotta Trades under the Ticker 8105 symbol in Tokyo Stock Exchange. Its stock climbed more than 36% on Wednesday, probably in response to the acquisition news.
Prior to the announcement, Marusho Hotta was effectively a Penny stock, with shares that rarely trade above 60 yen, or approximately 41 cents.
In addition to targeting Japan for international expansion, BAKKT operates in several regions, including Latin America and other parts of Asia.
The minority stake appears part of BAKKT’s ongoing approach to restore itself as a pure-playing crypto infrastructure company. This change was emphasized in June, when the company announced the plans that Raise up to $ 1 billion Through various security offerings, it is potentially supporting Bitcoin purchases in the future.
After a while, Bakkt revealed Business sells its loyalty To focus on being a dedicated crypto company, with all the resources redirected to the “major crypto offerings,” according to Co-Ceo Andy Main.
Established in 2018 by the Intercontinental Exchange, the BAKKT has first launched to help institutions buy, sell and store digital assets, including bitcoin futures.
The company has undergone many strategic pivots in recent years, Partially driven by financial challenges.
Related: Cango posted ‘massive’ July Bitcoin Haul, which strengthens the corporate treasury
From Bitcoin to Altcoins: Corporate Treasury Strategies are emerging
The BAKKT belongs to a growing number of companies moving to Crypto Treasury companies – a trend that began in 2020 with Michael Saylor’s Microstrategy, which is now rebranded as an approach.
Today, hundreds of public companies hold Bitcoin on their balance sheets. It includes crypto-fostering businesses such as Bitcoin miners, Treasury’s dedicated Treasury Companies Twenty -one capital And more traditional business that varies their techniques to treasury through the accumulation of Bitcoin.
According to Data From the Bitbo, public companies collectively hold more than 932,000 BTC, which costs about 4.4% of the total Bitcoin supply. Private companies add another 426,000 BTC to the mix.
Corporate treasury techniques also expand across Bitcoin, whose companies increasingly add altcoins such as Ether (Eth), Solana (Sol) and XRP (XRP) on their balance sheets.
Number Cointelegraph reported.
Related: Crypto Biz: Bitcoin, Treasury and the Stablecoin Surge
