Bakkt Targets Japan’s Marusho Hotta with 30% Acquisition — A Strategic Push into Bitcoin Treasury

TradingKey – On Wednesday, August 6, U.S.-based crypto platform Bakkt Holdings (NYSE: BKKT) announced it will acquire 30% of Tokyo-listed apparel company Marusho Hotta (TSE: 8105), becoming its largest shareholder. The move is part of Bakkt’s broader strategy to expand its Bitcoin treasury operations internationally.

From Fashion to Finance: Rebranding as bitcoin.jp

Pending shareholder approval, Marusho Hotta will be rebranded as “bitcoin.jp”, signaling a full pivot toward digital asset management. Bakkt has already secured the domain name and will install Phillip Lord, President of Bakkt International, as the new CEO.

Co-CEO Akshay Naheta stated:“Japan’s regulatory environment creates an ideal platform for a Bitcoin-centered growth business.”

The company plans to integrate Bitcoin into Marusho Hotta’s operating and financial model, transforming it into a flagship crypto treasury hub in Asia.

Market Reaction: Muted Optimism

Despite the strategic significance, Bakkt’s stock rose just 2.52% to $9.77, remaining near its 2025 lows. Analysts suggest the market may be waiting for Bitcoin to break above $120,000 before pricing in upside potential.

This contrasts with previous Bakkt milestones:

• Nov 2024: Trump Media announced plans to acquire Bakkt, sending shares up 160%
• June 2025: Bakkt unveiled a $1 billion Bitcoin treasury initiative, triggering another rally

Bakkt stock price chart, source: TradingView