Marusho Hotta, a Japanese kimono and textiles maker, will change its name to Bitcoin Japan at a shareholders meeting next month. The change will be officially instated on November 11. The company announced its new Bitcoin treasury business operations after Bakkt Holdings bought a controlling share in June. The firm, founded in 1861, will also change its English name to “Bitcoin Japan Corporation.” Bitcoin Japan will have new leadership, with Bakkt International’s President becoming the new CEO. The company aims to become a leading Japanese Bitcoin treasury company. Kitabo, another Japanese firm, plans to buy $5.4 million worth of Bitcoin to enter the cryptoasset and Real-World Asset sectors. Like many traditional retailers, Marusho Hotta and Kitabo have seen declining revenues. Marusho Hotta posted a net loss of $2,724,439 in FY2024. The firms plan to offer BTC lending services and build partnerships with overseas companies. Japanese firms across various sectors have entered the Bitcoin treasury industry, with Metaplanet leading the way by acquiring enough Bitcoin to enter the global top five BTC treasury firms. Other firms like Remixpoint, Gumi, and ANAP have also joined the Bitcoin trend.

Read more at Yahoo Finance: Shareholders Approve Kimono-Maker Marusho Hotta’s ‘Bitcoin Japan’ Rebrand