Fubotv earnings beat by $0.10, revenue topped estimates
ALPHARETTA, Ga. - Bakkt Holdings, Inc. (NYSE:BKKT) announced it has entered into an agreement to acquire approximately 30% of the outstanding shares of Tokyo-listed MarushoHotta Co., Ltd. (TSE:8105) from RIZAP Group, Inc., positioning Bakkt to become the largest shareholder in the Japanese company. MarushoHotta, with a market capitalization of $43 million, has seen remarkable performance recently, with its stock price surging 118% over the past year and trading near its 52-week high.
As part of the transaction, Phillip Lord, President of Bakkt International, will assume the role of Chief Executive Officer at MarushoHotta. The Japanese company, which according to InvestingPro maintains a healthy current ratio of 4.96 and holds more cash than debt, plans to include Bitcoin and other digital assets as part of its treasury strategy, according to the press release statement. Get access to 10+ additional exclusive insights about MarushoHotta with an InvestingPro subscription.
Bakkt has also acquired the web domain bitcoin.jp, which is proposed to become MarushoHotta’s new name, subject to shareholder approval.
"Japan’s regulatory environment creates an ideal platform for a Bitcoin-centered growth business," said Akshay Naheta, co-CEO of Bakkt, in the announcement. "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."
The press release did not disclose the financial terms of the transaction or provide a timeline for completion.
Bakkt Holdings, founded in 2018, specializes in cryptocurrency services and is headquartered in Alpharetta, Georgia. The company provides institutional-grade trading and onramp capabilities for clients involved in the crypto economy.
MarushoHotta is listed on the Tokyo Stock Exchange under the ticker 8105.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.