Marouso Hotta to Rebrand as Bitcoin Japan

Japanese kimono and textile manufacturer Marouso Hotta is set to change its name to Bitcoin Japan during an upcoming shareholders meeting next month.

The official announcement noted that this name change will be submitted for approval at the meeting scheduled for November 11th.

Additionally, Marouso Hotta indicated that once they start accumulating Bitcoin (BTC), they will officially adopt the name “Bitcoin Japan Corporation.”

This company was the first to announce its new Bitcoin Treasury business, following a deal in June where US-based crypto manager Bakkt Holdings acquired controlling stakes in Marouso Hotta.

Known for its high-quality kimonos and textiles, the company also runs several contemporary and hybrid fashion brands. However, after facing stagnation in sales on the Tokyo exchange, it was taken over by Rizap Group back in 2017.

According to Bakkt, their goal is to become the largest shareholder of Marouso Hotta and to reshape the company into a significant player in Japanese Bitcoin finance.

In a release dated September 26th, Marouso Hotta expressed, “We have decided to launch a new business for Bitcoin Treasury, which will allow us to expand our business scope and explore new areas in the future. We are also contemplating launching a financial-related operation.”

This new direction seems mainly tied to their plans for Bitcoin financial operations.

The company has reported fluctuating stock prices on the Tokyo exchange over the past year. President Philip Lord of Bakkt International will step in as the new CEO of Bitcoin Japan. Meanwhile, Akshay Naheta, co-executive officer of Bakkt Holdings, is set to become the chairman of the board.

Marouso Hotta believes this new management structure will synchronize the interests of both directors and shareholders, contributing to long-term corporate value improvements.

Founded in 1861, Marouso Hotta opened one of Japan’s first kimono wholesale stores in 1894 and has been listed on the Tokyo Exchange since 1974.

Earlier this year, another Japanese producer of synthetic yarns, Kitabo, announced its own plans to enter the Bitcoin market, stating its intent to purchase approximately $5.4 million in Bitcoin as it joins the crypto asset sector.

Like many firms in Japan’s textile industry, Marouso Hotta has encountered a notable decline in revenue in recent years.