Bakkt plans to acquire a 30% stake in Japan's Marusho Hotta and rename it bitcoin.jp

PANews reported on August 6th that, according to The Block, Bakkt announced it will acquire approximately 30% of the shares of Japanese listed company Marusho Hotta, becoming its largest shareholder. It plans to rename the company "bitcoin.jp" to promote the adoption of Bitcoin and other digital assets as corporate vaults. Upon completion of the transaction, Phillip Lord, President of Bakkt International, will serve as CEO of the new company. The acquisition is part of Bakkt's multinational Bitcoin vault strategy. The name change and strategic adjustments are subject to shareholder approval. Specific transaction terms have not been disclosed.