Bakkt Holdings (BKKT), a key player in the crypto services sector, has announced a strategic move to acquire approximately 30% of the outstanding shares of MarushoHotta Co., Ltd. (MHT), a company listed on the Tokyo Stock Exchange (TSE).
This massive acquisition, facilitated through a share purchase agreement with metallurgical company RIZAP Group, Inc., positions Bakkt as the largest shareholder of MHT.
Incorporating Bitcoin Into MHT’s Treasury Management Plans
As announced on Wednesday, part of this transaction will see Phillip Lord, the President of Bakkt International, assume the role of Chief Executive Officer at MHT. Under his leadership, MHT plans to incorporate Bitcoin (BTC) and other digital assets into its treasury management strategy.
Furthermore, Bakkt has secured the domain name www.bitcoin.jp, which, pending approval from MarushoHotta’s shareholders, is set to become the new identity for the company.
In a statement, Akshay Naheta, co-CEO of Bakkt, expressed enthusiasm for the opportunity, citing Japan’s regulatory environment as a favorable landscape for developing a Bitcoin-centric business model.
He emphasized the intention to collaborate closely with MHT’s team to seamlessly integrate Bitcoin into their operational and financial framework, aiming to establish MHT as a foremost Bitcoin treasury company:
Japan’s regulatory environment creates an ideal platform for a Bitcoin-centered growth business. We look forward to working with MHT’s team to integrate Bitcoin into their operating and financial model and to establish MHT as a leading Bitcoin treasury company.
Bakkt Faces Setbacks As Stock Drops
This acquisition aligns with Bakkt’s broader strategy to enhance its Bitcoin holdings. Recently, the company announced plans to raise up to $1 billion through various securities offerings, a move that reflects a growing trend among publicly traded companies to bolster their cryptocurrency reserves.
The proposed offering includes shares of Class A common stock and pre-funded warrants, with underwriters being given a 30-day option to purchase an additional 15% of the shares sold, allowing for potential over-allotments. However, the timing, size, and terms of the offering remain contingent on market conditions.
Despite these ambitious initiatives, Bakkt has encountered challenges. In March 2025, the company’s stock, BKKT, experienced a significant drop of 30% following news that two major clients, including Bank of America, would not be renewing their financial agreements with Bakkt.
As of this writing, BKKT’s valuation closed Wednesday’s trading session at $9.77, up 2.5% for the day. However, the stock is trading over 70% below this year’s high of $31.
Looking at a longer time frame, BKKT reached a record high of $1,271 in November 2021, which is nearly a 100% gap, further highlighting the firm’s challenges in recent years.
Featured image from DALL-E, chart from TradingView.com
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