Bakkt Buys 30% of Japanese Yarn Maker, Plans Rebrand to Bitcoin.jp

Key Points

1. Bakkt becomes the largest shareholder of MarushoHotta, a 120-year-old Tokyo-listed textile company, with plans to rebrand it as 'Bitcoin.jp'.

2. The acquisition shifts MarushoHotta's focus from traditional textiles to Bitcoin treasury management, following the loss of major clients Bank of America and Webull.

3. Bakkt authorized up to $1 billion in Bitcoin investments under its treasury strategy, leveraging Japan's favorable regulatory environment.

4. The move follows Bakkt's financial struggles, including NYSE compliance warnings and a 96% drop in share price from its 2021 peak.

5. MarushoHotta's shareholders and the Tokyo Stock Exchange must approve the rebranding and new business model.