SBI Holdings to Acquire Japanese Crypto Exchange Bitbank for $289 Million
SBI Holdings has agreed to buy Japanese crypto exchange Bitbank for about $289 million, with the deal expected to close in October pending regulatory approval. The acquisition expands SBI’s crypto business as Japan moves toward treating cryptocurrencies under its financial products framework.
What happened?
SBI Holdings has agreed to buy Japanese crypto exchange Bitbank for about $289 million, with the deal expected to close in October pending regulatory approval. The acquisition expands SBI’s crypto business as Japan moves toward treating cryptocurrencies under its financial products framework.
Why it matters
SBI has already been active in crypto exchange acquisitions, having bought Bitpoint in 2022. The planned Bitbank purchase would further consolidate its position in Japan’s digital asset market as regulators consider a more securities-like framework for cryptocurrencies.
Japanese financial services group SBI Holdings has agreed to acquire cryptocurrency exchange Bitbank for around $289 million. According to CoinDesk, SBI said the transaction is expected to close in October, subject to regulatory approval.
The deal matters because it adds another crypto exchange to SBI’s portfolio at a time when Japan is preparing potential changes to how digital assets are regulated. SBI framed the purchase as part of a broader effort to expand its crypto business ahead of possible regulatory developments in the country.
Japan is in the process of bringing cryptocurrencies under the scope of financial products authorized by the Financial Instruments and Exchange Act, the same framework that applies to stocks and other securities. CoinDesk reported that this change could take effect from early next fiscal year.
Bitbank is among Japan’s 10 largest crypto exchanges by trading activity, according to CoinGecko data cited by CoinDesk. The exchange was processing just under $50 million in 24-hour volume, while competitors including Toobit, CoinW, Kraken and Bitmart each handled more than $1 billion.
SBI has already been active in crypto exchange acquisitions, having bought Bitpoint in 2022. The planned Bitbank purchase would further consolidate its position in Japan’s digital asset market as regulators consider a more securities-like framework for cryptocurrencies.