SBI in talks to buy Bitbank as Japan tightens crypto rules

SBI Holdings has opened talks to acquire shares in cryptocurrency exchange Bitbank and make it a consolidated subsidiary, the Tokyo-based firm announced Friday. The proposed share purchase is part of a capital and business alliance and remains subject to due diligence, negotiation and internal approvals.

The company said the transaction would help it establish an “overwhelming position in the domestic cryptocurrency industry.” No timetable was provided for completion.

The discussions follow recent steps by SBI to expand regulated crypto services. On April 1, SBI VC Trade absorbed BITPoint Japan, leaving SBI VC Trade as the surviving company. SBI invested $50 million in Circle’s June 2025 IPO and holds stakes in Sygnum Bank and the exchange TaoTao, which was later folded into SBI VC Trade.

Bitbank is one of Japan’s major crypto exchanges. It ranks highest among Japanese platforms by Coingecko’s trust score and is third in Japan by daily trading volume, behind bitFlyer and Coincheck. An acquisition would increase SBI’s share of domestic trading activity.

The talks come as Japan changes how crypto is regulated. On April 10, the Cabinet approved a bill to amend the Financial Instruments and Exchange Act and the Payment Services Act. The draft law would shift many crypto assets from payment rules toward securities-style oversight, with stronger disclosure requirements, tighter exchange oversight and new rules to prevent unfair trading.

Finance Minister Satsuki Katayama indicated in January the government aims to align crypto with traditional finance so citizens can benefit from digital assets. Lawmakers are also discussing rules to allow cryptocurrency exchange-traded funds, with legalization targeted by 2028. Large financial groups including SBI and Nomura are among firms likely to develop crypto-linked ETFs if the law proceeds.

SBI added the outcome of the Bitbank talks depends on standard transactional checks. Negotiations and regulatory reviews will determine whether Bitbank becomes a consolidated subsidiary and how the combined group will operate under the new rules. The company had no further comment by publication.