SBI Holdings Buys Bitbank Crypto Exchange for $289M
Japanese financial services giant SBI Holdings has agreed to acquire cryptocurrency exchange Bitbank for approximately $289 million. The Tokyo-based bank first proposed the deal last month as part of a strategy to expand its crypto business ahead of potential regulatory changes in Japan. Japan is moving to bring cryptocurrencies under the umbrella of the Financial Instruments and Exchange Act, which could take effect early next fiscal year. SBI previously acquired crypto exchange Bitpoint in 2022. Bitbank is among Japan's top 10 largest crypto exchanges by trading activity, processing a 24-hour volume of just under $50 million, according to CoinGecko. This acquisition is subject to regulatory approval and is expected to close in October. The purchase underscores SBI's commitment to strengthening its presence in the crypto sector amid evolving regulations.
Key facts
- SBI Holdings to acquire Bitbank for ~$289 million.
- Deal aligns with SBI's strategy to expand crypto business in Japan.
- Japan regulating cryptocurrencies under Financial Instruments and Exchange Act.
- SBI previously bought crypto exchange Bitpoint in 2022.
- Bitbank ranks among Japan's top 10 exchanges; volume ~$50M daily.