Bakkt, a digital asset trading and custodian company, has finalized a minor acquisition of Japanese firm Marusho Hotta. This is a significant step towards its transformation to a crypto-treasury backed by Bitcoin or other digital assets.
Bakkt will purchase a 30% stake of Marusho Hotta. This publicly-listed company manufactures specialty threads for both domestic and international markets. The company’s name will change to “bitcoin.jp,” The Bitcoin is likely to be repositioned as an operating system.BTCTreasury vehicle.
Marusho Hotta’s ticker is 8105. The stock price of Marusho Hotta increased by more than 36% Wednesday in reaction to news about the acquisition.
Marusho Hotta, before the announcement, was a stock that rarely traded above 60 yen or 41 cents.
Bakkt is active in many regions including Latin America, Asia, and Latin America.
Bakkt appears to be acquiring the minority stake as part of its ongoing strategy to position itself as a crypto-only infrastructure provider. In June, the company’s plans to acquire a majority stake in a crypto infrastructure firm were emphasized. raise up to $1 billion Through various security offerings, it is possible to fund future Bitcoin purchases.
Bakkt then revealed that they had sold its loyalty business To focus on being a crypto-only firm with all of its resources directed toward it. “core crypto offerings,” According to Andy Main, co-CEO.
Bakkt is a digital asset platform that was launched in 2018 as a way to facilitate the buying, selling and storing of digital assets by institutions, such as Bitcoin futures.
Over the years, there have been several pivots in strategic direction for the company. partly driven by financial challenges.
Related: Cango posts ‘massive’ July Bitcoin haul, boosting corporate treasury
The corporate treasury strategy is evolving from Bitcoin to altcoins
Bakkt is among a growing number of companies transitioning into crypto treasury firms — a trend that began in 2020 with Michael Saylor’s MicroStrategy, now rebranded as Strategy.
Hundreds of companies have Bitcoin in their balance sheet. Bitcoin mining companies, treasury firms and other crypto-native enterprises are included. Twenty One Capital Bitcoins are also used to diversify the treasury strategy of traditional businesses.
As per data Bitbo is a platform that allows public companies to hold over 932,000 BTC. This represents roughly 4,4% of the total Bitcoin supply. The private sector adds another 426,000 BTC.
Ether, for example, is increasingly being used by companies to diversify their treasury plans beyond Bitcoin.ETH), Solana (SOLThe XRP currency (XRP() in their balance sheet.
The following are some of the ways to get in touch with us. Cointelegraph reportedCompanies across all sectors have been allocating funds to digital assets, such as agtech and consumer products.
Related: Crypto Biz: Bitcoin, treasuries and the stablecoin surge
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Source: cointelegraph.com
