- SBI Holdings will acquire Bitbank for ¥46.7 billion (AU$419.67 million) to create Japan’s largest crypto exchange by assets under custody.
- The merged business is expected to hold ¥1.1 trillion (AU$9.88 billion) in customer crypto assets and nearly 2.92 million accounts.
- The deal forms part of SBI’s broader strategy to expand regulated digital asset services, including stablecoins and new financial products.
Japan’s SBI Holdings has finalised agreements to acquire crypto exchange Bitbank in a transaction valued at ¥46.7 billion, or US$289 million (AU$419.67 million), a move that will significantly expand its presence in Japan’s regulated digital asset sector. The acquisition, first announced in May, is expected to be completed in October, pending approval from Japan’s Fair Trade Commission and other regulatory requirements.
The transaction will be carried out through SBI’s wholly owned subsidiary, SBICAH, which will acquire shares from Bitbank chief executive Noriyuki Hirosue and other shareholders before subscribing to a third-party share allotment. Bitbank will then repurchase shares held by MIXI and Ceres, leaving SBI with indirect ownership of all voting rights.
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New scale for Japan’s digital asset market
Following the acquisition, SBI plans to combine Bitbank with SBI VC Trade, creating a business with approximately ¥1.1 trillion (AU9.88 billion) in crypto assets under custody and roughly 2.92 million customer accounts. Based on figures from the end of April, SBI said the merged operation would rank first in Japan by assets under custody and among the country’s largest exchanges by account numbers.
SBI said integrating the two businesses will strengthen its customer offering by combining their user bases, operational resources, compliance frameworks and service development capabilities. The group also plans to broaden trading services while supporting new products linked to stablecoins and other digital assets.
The acquisition follows several recent digital asset initiatives by SBI, including the launch of the trust bank-backed yen stablecoin JPYSC and continued expansion of its broader crypto ecosystem.
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