Bakkt, a big name in crypto services, just made a major move in Japan. They’ve bought about 30% of Marusho Hotta (MHT), a Tokyo Stock Exchange-listed company, becoming its biggest shareholder. This deal was done through a partnership with RIZAP Group.
Making Bitcoin Mainstream in Japan
As part of the deal, Bakkt’s President of International, Phillip Lord, is now MHT’s CEO. Under his leadership, MHT plans to start using Bitcoin and other digital assets to manage its money. Even cooler, Bakkt snagged the domain name bitcoin.jp, and if MHT’s shareholders agree, that’ll be the company’s new name. Bakkt’s co-CEO, Akshay Naheta, is super excited, saying Japan’s rules make it a great place to build a Bitcoin-focused business. The goal is to make MHT a leading Bitcoin treasury company in Japan.
Bakkt’s Ups and Downs
This move fits into Bakkt’s bigger plan to own more Bitcoin. They’re also trying to raise up to $1 billion by selling stock and other securities. This is a common strategy for companies wanting to buy more crypto. However, Bakkt hasn’t had a smooth ride. In March 2025, their stock price plummeted 30% after losing two big clients, including Bank of America. While the stock price went up slightly on the day of this writing ($9.77, up 2.5%), it’s still way down from its high of $31 earlier this year and a whopping $1271 in November 2021. It’s been a bumpy road for Bakkt lately.