Bakkt Bets Big on Bitcoin with Radical Makeover of Japanese Firm

In a bold move, Bakkt has announced plans to transform a traditional Japanese company, Marusho Hotta, into a Bitcoin investment vehicle. The Tokyo Stock Exchange-listed firm is set for a radical makeover as Bakkt takes a 30% stake, installs its own CEO, and rebrands it as bitcoin.jp.

A Strategic Acquisition

On August 6, Bakkt Holdings revealed its plans to acquire a 30% stake in Marusho Hotta from RIZAP Group, making it the largest shareholder. The deal includes a full rebrand to bitcoin.jp and a leadership overhaul, pending shareholder approval. Bakkt International President Phillip Lord will take the helm as CEO, integrating Bitcoin and digital assets into the company’s treasury strategy.

A New Era for Corporate Crypto Adoption

Bakkt has already secured the bitcoin.jp domain, signaling its intent to position the revamped entity as a flagship for corporate crypto adoption. “Japan’s regulatory environment creates an ideal platform for a Bitcoin-centered growth business,” said Akshay Naheta, co-CEO of Bakkt. “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.”

A Public Pivot with Private Urgency

Bakkt’s move to transform Marusho Hotta into a Bitcoin treasury vehicle marks the latest maneuver in a high-stakes reinvention. Over the past year, the company has been the subject of intense speculation, including reported acquisition talks with Trump Media & Technology Group in late 2024. While that deal never materialized, the rumors underscored Bakkt’s precarious position: a once-promising institutional crypto platform struggling to find its footing.

A Bold Bet on Bitcoin and Survival

Now, with this Japanese acquisition, Bakkt is making its boldest bet yet—not just on Bitcoin, but on its own survival. The company’s aggressive pivot to Bitcoin comes amid persistent cash challenges. In February last year, Bakkt warned in an SEC filing that it might not “continue as a going concern,” citing insufficient funds to sustain operations over the next 12 months.

A Stark Reversal

The admission was a stark reversal for a firm that launched in 2018 with the backing of Intercontinental Exchange, owner of the New York Stock Exchange, and was once hailed as Bitcoin’s institutional savior. Since then, Bakkt has shed non-core assets, including the sale of its loyalty rewards business, to focus solely on crypto.

A Desperate but Calculated Shift

Its $75 million equity raise in July, followed by a $1 billion shelf offering, suggests a desperate but calculated shift toward becoming a pure-play Bitcoin treasury operator. Bakkt’s bold move into Japan’s regulatory-friendly environment may be its last chance to prove its relevance in the crypto market. Will this high-stakes bet pay off, or will it be too little, too late for the embattled company? Only time will tell.

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