SBI to buy Bitbank for $289M to become Japan’s largest crypto exchange operator
Japan's financial giant is consolidating the country's crypto exchange landscape one acquisition at a time
SBI Holdings is set to acquire crypto exchange Bitbank in a Â¥46.7 billion ($289 million) transaction that would create Japan’s largest crypto trading group by assets under management.
The acquisition is expected to lift SBI’s crypto holdings above the Â¥1 trillion threshold, the highest level among leading domestic operators bitFlyer and Coincheck.
Under the transaction structure, an SBI subsidiary will begin purchasing Bitbank shares from individual investors, including the company’s founder, as early as August. Bitbank will then acquire shares held by existing investors MIXI and Ceres by the end of October.
SBI first disclosed plans to pursue a capital and business alliance with Bitbank in May as part of efforts to bring the exchange under its control. The exchange has established itself as a leading domestic trading venue and recently introduced Japan’s first crypto-linked credit card through a partnership with EPOS Card.
The move comes as Japan considers sweeping regulatory reforms that would place digital assets under the Financial Instruments and Exchange Act, subjecting crypto businesses to stricter compliance and capital requirements.
SBI has been steadily expanding its presence in the sector through acquisitions and integrations, including DMM Bitcoin customer accounts and BITPoint Japan. Adding Bitbank would create Japan’s largest crypto platform group by combining several major exchanges under one umbrella.
SBI is also pursuing regional expansion through a planned majority investment in Singapore-based Coinhako as it seeks to strengthen its position across the Asian digital asset markets.