The deal marks Bakkt’s latest pivot toward becoming a crypto treasury company, with a 30% stake in Tokyo-listed Marusho Hotta and plans to rebrand it as bitcoin.jp. Digital asset custodian and trading company Bakkt is finalizing a minority acquisition of Japanese company Marusho Hotta, marking a strategic step in its transformation into a crypto treasury business backed by Bitcoin and other digital assets. As part of the deal, Bakkt announced plans to acquire a 30% stake in Marusho Hotta, a publicly listed company that manufactures specialty yarns for domestic and international markets. The company will be renamed “bitcoin.jp,” signaling a likely pivot toward operating as a Bitcoin (BTC) treasury vehicle. Marusho Hotta trades under the ticker symbol 8105 on the Tokyo Stock Exchange. Its stock surged more than 36% on Wednesday, likely in response to the acquisition news. Read more
The deal was announced in response to the White House’s recent policy strategy to make the United States the AI capital of the world. US President Donald Trump’s administration has signed a deal with OpenAI to provide the enterprise-level version of the ChatGPT platform to all federal agencies in an effort to “modernize” operations. Under the deal, all US government agencies will have access to the AI platform for $1 per agency to facilitate integration of AI into workflow operations, according to a Wednesday announcement from the US General Services Administration (GSA). The GSA, which is the US government’s procurement office, said the private-public partnership “directly supports” the White House’s AI Action Plan, a three-pillar strategy to establish US leadership in AI development recently disclosed by the admnistration. Read more
With a sentencing hearing scheduled in a matter of weeks, Roman Storm is potentially looking at five years in jail for running an unlicensed money transmitting service. A Manhattan jury found Tornado Cash co-founder and developer Roman Storm guilty of charges related to conspiracy to run an unlicensed money business. In a Wednesday decision in the US District Court for the Southern District of New York (SDNY), Storm was found guilty of one felony charge related to his role at Tornado Cash, according to court reports from Inner City Press. The jury convicted Roman on conspiracy to run an unlicensed money transmittal business, which carries a maximum sentence of up to five years in prison. No unanimity was reached on charges of conspiracy to commit money laundering nor on conspiracy to violate North Korea sanctions. Read more
Bitcoin’s tight consolidation and Ether’s shallow pullback suggest a directional move could be around the corner. Key points: Bitcoin is trading in a tight range, indicating a possible breakout in the next few days. Buyers have not ceded much ground to the bears in Ether, suggesting the continuation of the rally. Read more