SBI Holdings to Acquire Bitbank for $289M, Becoming Japan's Largest Crypto Exchange
SBI Holdings, a Japanese financial conglomerate, announced on Thursday an agreement to acquire Tokyo-based cryptocurrency exchange Bitbank for approximately ¥46.7 billion ($289 million). The acquisition will make Bitbank a wholly owned subsidiary. The deal involves purchasing shares from individual shareholders, including CEO Noriyuki Hirosue, and a new share issuance, with proceeds used to buy back stakes from major corporate shareholders MIXI Inc. and Ceres Inc. Combined with its existing subsidiary SBI VC Trade, the merged entity will hold about ¥1.1 trillion ($6.8 billion) in assets under custody and serve 2.92 million accounts, making it Japan's largest crypto exchange by assets under custody. The transaction is expected to close around October, pending approval from Japan's Fair Trade Commission. This move marks further consolidation in Japan's digital asset industry, as SBI expands its crypto trading, stablecoin, and on-chain finance strategy. Bitbank reported a net loss for fiscal year ending December 2025 after two years of profitability. SBI expects a minor impact on its consolidated financial results for fiscal year ending March 2027.
Key facts
- SBI to acquire Bitbank for ¥46.7 billion ($289M) as a wholly owned subsidiary.
- Combined entity holds ¥1.1 trillion ($6.8B) in assets and 2.92 million accounts.
- Deal expected to close around October, pending regulatory approval.
- Bitbank reported net loss in FY2025 after two profitable years.
- SBI integrates Bitbank into its crypto strategy including stablecoins and on-chain finance.