SBI completes Bitbank deal, creating Japan’s largest exchange
SBI Holdings completed its acquisition of Bitbank on Oct. 1, making the Japanese crypto exchange a wholly owned subsidiary and creating Japan’s largest platform by custodied assets.
SBI Holdings completed its acquisition of Japanese crypto exchange Bitbank on Oct. 1, making the company a wholly owned subsidiary and combining it with SBI’s existing crypto operations.
The deal was valued at about ¥46.7 billion ($289 million). Bitbank repurchased and retired all shares held by its two largest corporate shareholders, MIXI and Ceres. The transaction left SBI as Bitbank’s sole parent.
The combined business holds about ¥1.1 trillion ($7 billion) in crypto assets across roughly 2.92 million accounts, according to SBI. Bitbank has about 960,000 registered users and offers spot trading for dozens of crypto assets against the yen, along with coin-lending and custody services.
Bitbank will continue operating under CEO Noriyuki Hirosue. Existing services will remain available, and the company’s license from Japan’s Financial Services Agency will become part of SBI’s broader crypto business. Bitbank also provides yen-based liquidity for alternative cryptocurrencies.
SBI agreed to acquire Bitbank in June and structured the transaction in stages. The final stage was the share buyback by Bitbank. SBI expects the acquisition to have a minor effect on its results for the fiscal year ending in March 2027.
The acquisition follows other consolidation in Japan’s licensed crypto market. SBI VC Trade absorbed TaoTao in 2020 and took over customer accounts from DMM Bitcoin after a 2024 hack. In July, SBI acquired a majority stake in Singapore-based exchange Coinhako.
Japan is preparing legislation to regulate crypto assets under the Financial Instruments and Exchange Act. Proposed changes would set a flat 20% tax rate on crypto gains. Higher compliance costs are also increasing pressure on smaller independent exchanges. Bitflyer remains one of Japan’s largest independent exchanges.
SBI has expanded its crypto business outside Japan’s retail market. In July, it led a $76 million funding round for EDX Markets. SBI also became the domestic distribution platform for Ripple’s RLUSD stablecoin.
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