Kimono Maker Rebrands to 'Bitcoin Japan' After Shareholder Approval

A storied Japanese kimono and textiles maker, Marusho Hotta, is officially changing its name to Bitcoin Japan Corporation, a move approved at an upcoming shareholders meeting scheduled for November 11th. This bold step signifies a complete pivot towards a Bitcoin (BTC) treasury strategy.

Backed by Bakkt

This transformation is largely driven by Bakkt Holdings, a US-based crypto custody player, which acquired a controlling share in Marusho Hotta earlier this year. Bakkt's intent is to turn the firm into a leading Japanese Bitcoin treasury company.

From Textiles to Treasury

Marusho Hotta, established in 1861, faced declining sales and stagnation, leading to its acquisition by RIZAP Group in 2017. The company now plans to launch a “Bitcoin treasury business” and consider “finance-related business operations” related to BTC.

Leadership Changes

Key leadership changes accompany the rebrand:

• Phillip Lord (Bakkt International President) will become Bitcoin Japan's CEO.
• Akshay Naheta (Bakkt Holdings Co-CEO) will assume the role of Chairman of the Board of Directors.

These changes are intended to align the interests of directors and shareholders and improve corporate value.

A Growing Trend

Marusho Hotta isn't alone in exploring crypto assets. Kitabo, a synthetic yarns producer, previously announced plans to buy Bitcoin, showcasing a trend among Japanese textile firms seeking new revenue streams amidst declining sales.

Key Takeaways:

• Marusho Hotta, a kimono maker, is rebranding to Bitcoin Japan Corporation.
• This move is driven by Bakkt's acquisition and a shift to a Bitcoin treasury strategy.
• Several Japanese firms in traditional sectors are exploring crypto assets to combat declining revenues.