Bakkt to Acquire Shares of Marusho Hotta in Expansion of Bitcoin Treasury Strategy
Bakkt Holdings has entered into a share purchase agreement with RIZAP Group to acquire approximately 30% of the outstanding shares of MarushoHotta (MHT), a Tokyo Stock Exchange-listed company (TSE: 8105). The acquisition would make Bakkt the largest shareholder of MHT.
As part of the transaction, Phillip Lord, President of Bakkt International, will become Chief Executive Officer of MHT, and MHT will include investing in Bitcoin and other digital assets as part of its treasury. In connection with the transaction, Bakkt has acquired the Web domain www.bitcoin.jp, which, subject to the approval of MHT’s shareholders, will become the new name of MHT.
Previously, Phillip Lord was the President of Oobit, which allows consumers to pay with crypto on existing Visa and Mastercard point of sale (POS) terminals with merchants receiving fiat money settlements the same way as other credit card payments.
Akshay Naheta, co-CEO of Bakkt, commented, "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."
Norbert Gehrke
