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Shareholders Approve Kimono-Maker Marusho Hotta’s ‘Bitcoin Japan’ Rebrand

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The Japanese kimono and textiles maker Marusho Hotta will change its identify to Bitcoin Japan at a shareholders assembly subsequent month.

In an official Marumasa Hotta release, the agency mentioned the identify change shall be formally instated at a gathering of shareholders on November 11.

Marusho Hotta additionally introduced that the corporate would change its English identify to “Bitcoin Japan Corporation” because it begins stockpiling Bitcoin (BTC).

The firm first introduced its new Bitcoin treasury enterprise operations after a June deal noticed the US-based crypto custody participant Bakkt Holdings agree to purchase a controlling share in Marusho Hotta.

Marusho Hotta: Bitcoin Pivot Under Bakkt

The Japanese agency is likely one of the nation’s most storied and best-known kimono makers and textile producers.

It additionally operates a variety of latest and hybrid vogue manufacturers. But after years of falling gross sales and stagnation on the Tokyo Exchange, it was taken over by the Tokyo-based RIZAP Group in 2017.

Bakkt made its transfer in June, claiming it hopes to grow to be Marusho Hotta’s largest shareholder and rework the agency into “a number one Japanese Bitcoin treasury firm.”

In its September 26 launch, Marusho Hotta wrote:

“We have determined to launch a brand new enterprise, the Bitcoin treasury enterprise, so we will increase our enterprise scope and increase into new fields sooner or later. We are additionally contemplating the launch of finance-related enterprise operations.”

These operations, it seems, shall be primarily associated to Marusho Hotta’s Bitcoin treasury operations.

A graph showing Marusho Hotta (8105) share prices on the Tokyo Exchange over the past 12 months.
Marusho Hotta (8105) share costs on the Tokyo Exchange over the previous 12 months. (Image: Google Finance)

New Management Confirmed

The agency has additionally confirmed that Bakkt International President Phillip Lord will grow to be Bitcoin Japan’s new CEO.

Akshay Naheta, the co-chief government officer of Bakkt Holdings, will assume the brand new function of Chairman of the Board of Directors.

The firm added that its new administration construction would “additional align the pursuits of administrators and shareholders.”

This, the agency mentioned, will assist the corporate “obtain a medium- to long-term enchancment in company worth.”

More Textiles Firms Turn to BTC?

Marusho Hotta was based in 1861 and opened considered one of Japan’s first kimono wholesale shops in 1894. It floated on the Tokyo Exchange in 1974.

Earlier this 12 months, Kitabo, a TYO-listed artificial yarns producer, introduced its personal plans to purchase Bitcoin and “enter the cryptoasset and Real-World Asset (RWA) sectors.”

Kitabo mentioned it plans to purchase round $5.4 million value of Bitcoin in an preliminary foray into the market.

The agency, like many others on the earth of Japanese textiles and conventional clothes, has seen revenues plummet lately.

In 2021, the EU-Japan Center for Industrial Cooperation noted that “previous, conventional [Japanese] retailers have seen gross sales diminish as they grow to be much less and fewer viable.”

The likes of Kitabo and Marusho Hotta have actually felt the pinch. After racking up years of annual internet losses, Kitbo posted a internet lack of $785,000 for FY2024.

Marusho Hotta, in the meantime, posted a internet revenue of minus 407.32 million yen (-$2,724,439) for a similar interval.

Contemporary-meets-traditional designs from the Japanese textiles and clothing firm Marusho Hotta’s Youtowa brand.
Contemporary-meets-traditional designs from the Japanese textiles and clothes agency Marusho Hotta’s Youtowa model. (Source: @youtowa_official/Instagram)

Metaplanet Leads Charge

Kitabo mentioned that it hopes to construct up cross-border enterprise avenues and partnerships with abroad companies.

The companies are additionally more likely to launch BTC lending providers as a part of their radical rebranding efforts.

This 12 months has seen scores of Japanese companies from all types of enterprise sectors enter the Bitcoin treasury sector.

Metaplanet has led the cost, snapping up enough Bitcoin to move into the global top five BTC treasury firms.

Other companies, like the loyalty points provider Remixpoint, game-makers like Gumi, and the fashion retailer ANAP, have additionally thrown their hats into the Bitcoin ring in current months.

The put up Shareholders Approve Kimono-Maker Marusho Hotta’s ‘Bitcoin Japan’ Rebrand appeared first on Cryptonews.

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