The goalkeeper of digital assets and the business company Bakkt finalizes a minority acquisition of the Japanese company Marusho Hotta, marking a strategic stage in its transformation into a cryptographic cash company supported by Bitcoin and other digital assets.
As part of the agreement, Bakkt announced its intention to acquire a 30% participation in Marusho Hotta, a listed company which manufactures specialty threads for national and international markets. The company will be renamed “Bitcoin.jp”, signaling a probable pivot to operate as Bitcoin cash (BTC).
Marusho Hotta is negotiated under the symbol of Ticker 8105 on the Tokyo Stock Exchange. Its shares increased by more than 36% on Wednesday, probably in response to acquisition news.
Before the announcement, Marusho Hotta was indeed a stock of Penny, with actions rarely negotiated above 60 yen, or around 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 participation is part of the current Bakkt strategy to reposition itself as a pure cryptography infrastructure company. This change was underlined in June, when the company announced its intention to raise up to $ 1 billion thanks to various securities offers, potentially to support future Bitcoin purchases.
Shortly after, Bakkt revealed that he had sold his loyalty activity to focus entirely on becoming a dedicated cryptography firm, all the resources redirected to his “main cryptography offers”, according to co-prime minister Andy Main.
Founded in 2018 by Intercontinental Exchange, Bakkt was initially launched to help institutions to buy, sell and store digital assets, including Bitcoin term contracts.
The company has undergone several strategic pivots over the years, partly motivated by financial challenges.
In relation: Canco publishes Bitcoins Transport in July “massive”, stimulating the corporate treasure
Of Bitcoin to Altcoins: the strategies of the corporate treasure evolve
Bakkt is part of an increasing number of companies that pass to cryptographic cash companies – a trend that started in 2020 with Michael Saylor’s Microstrategy, now renamed as a strategy.
Today, hundreds of public enterprises hold bitcoin on their balance sheets. These include cryptocurrency companies such as bitcoin minors, dedicated cash companies such as twenty one capital and more traditional companies that diversify their cash strategies thanks to the accumulation of Bitcoin.
According to Bitbo data, public companies collectively hold more than 932,000 BTC, representing approximately 4.4% of the total Bitcoin offer. Private companies add an additional 426,000 BTC to the mixture.
Corporate cash strategies are also developing beyond Bitcoin, companies adding more and more altcoins such as Ether (ETH), Solana (Sol) and XRP (XRP) to their balance sheets.
As Cintelelegraph reported, companies in sectors, notably Agtech, consumer manufacturing and textiles, have started to allocate these digital assets in recent months.
In relation: Crypto biz: bitcoin, treasury bills and the overvoltage of the stable
