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Bakkt will acquire 30% of Marusho Hotta in Japan.
[Bakkt to acquire 30% stake in Japan's Marusho Hotta] Cryptocurrency infrastructure company Bakkt announced it will acquire approximately 30% of Japan's Marusho Hotta, becoming its largest shareholder, and plans to rename it "bitcoin jp," transitioning to a Bitcoin-centric digital asset treasury platform. After the transaction is completed, Bakkt's International President Phillip Lord will serve as the new company's CEO. This move is part of Bakkt's strategy to advance a global Bitcoin treasury. In June of this year, Bakkt submitted a $1 billion financing plan and completed a $75 million fundraising in July for the purchase of Bitcoin and other assets. The transaction and name change are subject to shareholder approval.