Bakkt Holdings (BKKT), a key player in the crypto services sector, has announced a strategic move to acquire approximately 30% of the outstanding shares of MarushoHotta Co., Ltd. (MHT), a company listed on the Tokyo Stock Exchange (TSE).
This massive acquisition, facilitated through a share purchase agreement with metallurgical company RIZAP Group, Inc., positions Bakkt as the largest shareholder of MHT.
In a statement, Akshay Naheta, co-CEO of Bakkt, expressed enthusiasm for the opportunity, citing Japan’s regulatory environment as a favorable landscape for developing a Bitcoin-centric business model.
Japan’s regulatory environment creates an ideal platform for a Bitcoin-centered growth business. 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 proposed offering includes shares of Class A common stock and pre-funded warrants, with underwriters being given a 30-day option to purchase an additional 15% of the shares sold, allowing for potential over-allotments. However, the timing, size, and terms of the offering remain contingent on market conditions.
As of this writing, BKKT’s valuation closed Wednesday’s trading session at $9.77, up 2.5% for the day. However, the stock is trading over 70% below this year’s high of $31.
Looking at a longer time frame, BKKT reached a record high of $1,271 in November 2021, which is nearly a 100% gap, further highlighting the firm’s challenges in recent years.
Featured image from DALL-E, chart from TradingView.com
