Bakkt is acquiring a 30% stake in Japanese company Marusho Hotta, which manufactures specialty yarns, and will rebrand it as bitcoin.jp. This acquisition reflects Bakkt's strategy to pivot towards becoming a crypto treasury business, focusing on Bitcoin and other digital assets. Marusho Hotta, listed on the Tokyo Stock Exchange with the ticker symbol 8105, saw its stock price surge over 36% following the announcement, reversing its previous status as a penny stock. Bakkt aims to expand internationally, particularly in Japan, and has streamlined its operations to focus solely on cryptocurrency. Founded in 2018 by the Intercontinental Exchange, Bakkt initially catered to institutional investors for trading digital assets, including Bitcoin futures. The company is part of a growing trend of firms transitioning into crypto treasury businesses, similar to MicroStrategy, which began accumulating Bitcoin in 2020. Public companies collectively hold more than 932,000 BTC, and there is an increasing trend of businesses diversifying their treasury strategies by incorporating digital assets like Ethereum and Solana.

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