Bakkt spins yarn into Bitcoin with 30% stake in Japan’s Marusho Hotta
Main Idea
Bakkt acquires a 30% stake in Japan’s Marusho Hotta, rebranding it as 'bitcoin.jp' to pivot toward becoming a crypto treasury company, with its stock surging 36% following the announcement.
Key Points
1. Bakkt plans to acquire a 30% stake in Tokyo-listed Marusho Hotta and rebrand it as 'bitcoin.jp'.
2. Marusho Hotta's stock surged more than 36% following the announcement, having previously been a penny stock.
3. Bakkt is shifting focus toward its core crypto offerings, having sold its loyalty business earlier.
4. The company was founded in 2018 by Intercontinental Exchange and initially aimed at crypto infrastructure.
5. Public companies like MicroStrategy hold significant Bitcoin, with private companies adding to the total holdings.
Description
The deal marks Bakkt’s latest pivot toward becoming a crypto treasury company, with a 30% stake in Tokyo-listed Marusho Hotta and plans to rebrand it as bitcoin.jp.
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