SBI Holdings is set to acquire crypto exchange Bitbank in a ¥46.7 billion ($289 million) transaction that would create Japan’s largest crypto trading group by assets under management.
A trillion-yen threshold
The acquisition is expected to push SBI’s crypto holdings above the ¥1 trillion mark, the highest among leading domestic operators such as bitFlyer and Coincheck.
Under the deal structure, an SBI subsidiary will begin buying 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.
Building on a May alliance
SBI first disclosed plans to pursue a capital and business alliance with Bitbank in May, part of a wider effort to bring the exchange under its control.
Bitbank has built itself into a leading domestic trading venue and recently rolled out Japan’s first crypto-linked credit card through a partnership with EPOS Card.
The timing is notable, as Japan weighs sweeping regulatory reforms that would place digital assets under the Financial Instruments and Exchange Act, bringing stricter compliance and capital requirements.
A consolidating empire
SBI has been steadily expanding through acquisitions and integrations, including DMM Bitcoin customer accounts and BITPoint Japan.
Adding Bitbank would knit several major exchanges into a single umbrella group.
The firm is also eyeing regional growth through a planned majority investment in Singapore-based Coinhako, aiming to strengthen its footing across Asian digital asset markets.
