Bakkt Joins the Ranks of Bitcoin Reserve Companies
Founded by the Intercontinental Exchange (ICE) in 2018, Bakkt Holdings, Inc. (stock code: BKKT) primarily focuses on cryptocurrency 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 have been no reports indicating that Bakkt has started purchasing Bitcoin.
Acquisition of Japanese Marusho Hotta Shares, Challenging Metaplanet
Bakkt announced its intention to acquire approximately 30% of Tokyo Stock Exchange-listed company Marusho Hotta (abbreviated as MHT, stock code: 8105), thereby becoming the largest shareholder. As part of the transaction, Phillip Lord, President of Bakkt International, will assume the role of CEO at MHT, which will incorporate investments in Bitcoin and other digital assets into its financial management.
Akshay Naheta, Co-CEO of Bakkt, stated, “Japan’s regulatory environment creates an ideal platform for Bitcoin-centric growth companies. We look forward to collaborating with the MHT team to integrate Bitcoin into their operations and financial model, establishing MHT as 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 key reason for Metaplanet’s popularity among investors. However, with new competitors entering the fray recently, Metaplanet’s stock price has entered significant correction, with mNAV reaching an all-time low.
Bakkt Focuses on the Cryptocurrency Sector, but Investors Unimpressed by Stock Price Plunge?
At the end of July, Bakkt announced the sale of its Loyalty Business to Project Labrador Holdco, focusing on becoming a “pure cryptocurrency company.” This initiative aims to streamline the business structure and concentrate resources on cryptocurrency asset trading and infrastructure. However, there are concerns that the divestiture of the loyalty business may impact short-term revenue.
Subsequently, Bakkt announced the issuance of 6.75 million new shares at $10 per share, significantly discounted from the previous closing price of $17.17. The new share issuance led to the dilution of existing shareholders’ equity, triggering panic selling among investors. Simultaneously, the market expressed disappointment over Bakkt’s decision to raise funds at a low price, perceiving it as a lack of confidence in the current stock price.
BKKT closed at $9.77 yesterday, below the new share issuance price.
Risk Warning
Investing in cryptocurrencies carries a high degree of risk, and their prices may be highly volatile, leading to the potential loss of the entire principal. Please carefully assess the risks.