Bakkt Holdings Inc. is set to acquire a 30% stake in Marusho Hotta Co., Ltd., a Japanese company listed on the Tokyo Stock Exchange. The deal, valued at CNY 1.68 billion (approximately $235.2 million), will make Bakkt the largest shareholder in the company. Following the acquisition, Marusho Hotta is expected to be renamed "bitcoin.jp," pending shareholder approval, signaling a strategic shift towards a Bitcoin-centric business model.

Phillip Lord, the President of Bakkt International, will take over as the new Chief Executive Officer of Marusho Hotta. Bakkt has also secured the domain name www.bitcoin.jp to support the rebranding efforts. This acquisition marks Bakkt's first major expansion into Japan and aligns with its strategy to establish a multinational Bitcoin treasury.

The move is part of Bakkt's broader strategy to reposition itself as a crypto infrastructure company. In June, the company announced plans to raise up to $1 billion through various securities offerings, potentially to support future Bitcoin purchases. Bakkt also recently sold its loyalty business to focus entirely on its core crypto offerings.

Akshay Naheta, Co-CEO of Bakkt, emphasized that Japan's well-defined regulatory framework makes it a favorable environment for Bitcoin-focused business expansion. He stated that Bakkt aims to integrate Bitcoin into Marusho Hotta's operations and financial structure, establishing it as a leading Bitcoin treasury company.

Marusho Hotta, formerly a manufacturer of specialty yarns, will shift its financial direction toward digital finance. The company's stock surged over 36% following the announcement, reflecting positive market sentiment. Before the announcement, Marusho Hotta was trading as a penny stock.

This acquisition comes shortly after Bakkt completed a $75 million public offering, with the proceeds earmarked for purchasing Bitcoin and other digital assets, as well as for working capital and general corporate purposes. The deal underscores the increasing integration of traditional financial markets with the digital asset ecosystem.

Despite the strategic pivot, Bakkt's stock experienced a decline following the announcement, indicating market skepticism. Nevertheless, the company aims to leverage this acquisition to build credibility and expand its global footprint in the crypto space.