Bakkt Holdings is ramping up its crypto-first strategy with an aggressive move into Japan.
The Nasdaq-listed digital asset firm has signed a deal to acquire nearly 30% of Marusho Hotta, a Japanese textile manufacturer, making it the company’s largest shareholder.
The agreement was struck with RIZAP Group Inc., which currently holds the stake.
Pending shareholder approval, the Tokyo-listed company will take on a new identity – bitcoin.jp, and begin integrating Bitcoin and other digital assets into its corporate treasury.
Bakkt has also secured the matching domain name as part of the deal.
As part of the shake-up, Phillip Lord, president of Bakkt International, will take over as CEO of the company.
The leadership change is intended to align the Japanese firm with Bakkt's strategy of becoming a bitcoin treasury and infrastructure business.
Bakkt co-CEO Akshay Naheta highlighted the country’s appeal as a launchpad for further crypto adoption.
“Japan’s regulatory environment creates an ideal platform for a bitcoin-centered growth business.”
Japan remains one of the few global markets with a well-defined digital asset framework, offering stability for foreign firms eyeing long-term expansion.
With operations already in parts of Latin America and Asia, Bakkt's foray into Japan signals a growing appetite to establish an international network of crypto-native corporations.
The firm plans to work closely with the bitcoin.jp team to embed digital assets into day-to-day business operations and treasury functions.
Marusho Hotta, historically known for producing niche yarns for both domestic and overseas markets, is now set to pivot away from traditional manufacturing entirely.
Source: Bioworks
The move represents a full corporate transformation into a crypto-first business.
While the company’s new operational focus remains in development, Bakkt’s influence over strategic decisions is likely to accelerate the shift.
Financial terms of the deal have not been disclosed.
However, the timing aligns with Bakkt’s public offering of $75 million in July, aimed specifically at funding Bitcoin acquisitions and other digital asset purchases.
In June, the firm also laid out plans to raise up to $1 billion for its bitcoin-focused treasury strategy.
The Japan deal follows Bakkt’s sale of its loyalty business in a bid to double down on crypto infrastructure.
The divestiture, worth $11 million in cash, was made to Project Labrador Holdco and is expected to close in Q3 2025.
The decision to exit the non-crypto division marks a decisive shift in Bakkt’s operational focus.
Despite its new direction, Bakkt isn’t without challenges.
The company is currently facing a class-action lawsuit by shareholders who allege that the firm failed to disclose its heavy dependence on Webull and Bank of America, which accounted for a combined 90% of its crypto and loyalty revenues in 2023.
Both companies decided earlier this year not to renew their contracts beyond 2025, triggering a 27% plunge in Bakkt’s share price.
The move into bitcoin treasury holdings places Bakkt among a fast-growing list of firms reshaping their investment strategies around crypto assets.
According to data from Bitbo, public companies now hold 933,591 BTC, roughly 4.4% of Bitcoin’s total supply, while private firms hold another 426,190 BTC.
Source: BitcoinTreasuries by Bitbo
Bakkt’s ambition echoes the bold strategies of firms like MicroStrategy and MARA Holdings, and is part of a broader shift where bitcoin is no longer seen as just a speculative asset, but increasingly a strategic reserve.
Coinlive believes this wave of corporate crypto conversions, from traditional manufacturers to bitcoin treasury plays, sharply challenges how sustainable this shift truly is.
While firms like Bakkt chase a future defined by decentralised value, the model’s long-term viability depends on more than regulatory clarity and BTC’s price performance.
The race to become the next MicroStrategy may look attractive on paper, but few companies possess the operational resilience or investor trust to withstand extreme volatility.
Japan’s tight rules may provide stability, but they also leave little room for missteps.
The crypto treasury playbook is still being written—and not everyone will survive the next chapter.
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