Bakkt Acquires 30% of MarushoHotta, Rebrands to Bitcoin JP

Bakkt has agreed to acquire a roughly 30% stake in MarushoHotta (MHT) via a share purchase from RIZAP Group, making it MHT’s largest shareholder. As part of the deal, Phillip Lord, President of Bakkt International, will be appointed CEO of MHT, which will rebrand as Bitcoin JP and adopt the www.bitcoin.jp domain, pending shareholder approval. Under the new corporate Bitcoin treasury strategy, MHT will integrate Bitcoin (BTC) and digital assets into its balance sheet. Co-CEO Akshay Naheta highlights Japan’s favorable regulatory framework for expanding cryptocurrency services. To fund this expansion, Bakkt is raising up to $1 billion through a securities offering of Class A common stock and pre-funded warrants. This move follows Bakkt’s recent $75 million equity raise, a $1 billion shelf offering, and addresses prior cash constraints after an SEC warning on its going concern status and a 30% stock drop in March 2025 when major clients, including Bank of America, declined renewals. The transaction underscores growing corporate Bitcoin adoption in Japan and represents Bakkt’s shift from infrastructure services toward asset holding to strengthen its global crypto market position.