Bakkt Challenges Metaplanet by Acquiring Japan’s Marusho Hotta to Become a Bitcoin Reserve Company
Bakkt Joins the Ranks of Bitcoin Reserve Companies
Founded in 2018 by the Intercontinental Exchange (ICE), Bakkt Holdings, Inc. (stock code BKKT) primarily focuses on crypto asset custody, trading, and access solutions. In July 2025, Bakkt announced its entry into the Bitcoin reserve company sector, raising approximately $75 million through class A common stock and prepaid warrants. The funds will be used for purchasing Bitcoin and other crypto assets, operational capital, and general corporate purposes.
However, there has been no news indicating that Bakkt has begun purchasing Bitcoin.
Acquisition of Japanese Marusho Hotta Shares, Challenging Metaplanet
Bakkt has announced its intention to acquire approximately 30% of the shares of Marusho Hotta (abbreviated as MHT, stock code 8105), a company listed on the Tokyo Stock Exchange, thus becoming the largest shareholder. As part of this transaction, Phillip Lord, President of Bakkt International, will assume the role of CEO at MHT, which will integrate investments in Bitcoin and other digital assets into its financial management.
Bakkt co-CEO Akshay Naheta stated: “Japan’s regulatory environment creates an ideal platform for Bitcoin-centric growth companies. We look forward to working with the MHT team to incorporate Bitcoin into their operations and financial model, making MHT a leading Bitcoin asset management company.”
In Japan, acquiring a Bitcoin reserve company offers significant tax advantages compared to directly purchasing Bitcoin, which is a primary reason why Metaplanet has been favored by investors in Japan. However, with increasing competition, Metaplanet’s stock price has experienced significant corrections, and its mNAV has reached an all-time low.
Bakkt Focuses on Crypto Space, Plummeting Stock Price Leaves Investors Unconvinced?
At the end of July, Bakkt announced the sale of its Loyalty Business to Project Labrador Holdco, aiming to become a “pure cryptocurrency company.” This move is intended to simplify the business structure and concentrate resources on crypto asset trading and infrastructure. Nonetheless, there are concerns that the divestiture of the loyalty business may impact short-term revenue.
Bakkt subsequently announced the issuance of 6.75 million new shares at $10 per share, significantly below the previous day’s closing price of $17.17. This new share issuance led to the dilution of existing shareholders’ equity, triggering panic selling among investors. At the same time, the market expressed disappointment over Bakkt’s decision to raise funds at such a low price, interpreting it as a lack of confidence in the current stock price.
BKKT closed yesterday at $9.77, below the new share issuance price.
Risk Warning
Investing in cryptocurrencies carries a high level of risk, and prices can be highly volatile; you may lose your entire principal. Please carefully assess the risks.
