SBI acquires Bitbank for $289M in Japan's biggest crypto exchange deal

SBI Holdings agreed to acquire Japanese crypto exchange Bitbank for 46.7 billion yen, or about $288.6 million, in a deal that creates the country's largest regulated crypto exchange operator.

"The transaction will make Bitbank a wholly owned subsidiary of SBI Group, combining our customer base and service capabilities with Bitbank's security and compliance infrastructure," SBI said in a statement on June 24.

The deal is structured in two phases. SBI will acquire shares held by Bitbank's founders and individual shareholders in August, followed by a buyout of corporate shareholders MIXI and Ceres by the end of October. The combined operation of SBI VC Trade and Bitbank will hold an estimated 2.92 million crypto asset accounts and approximately 1.1 trillion yen ($6.8 billion) in assets under custody, based on figures from the end of April. That places SBI ahead of bitFlyer and Coincheck by trading volume, according to company data.

The acquisition positions SBI ahead of a potential regulatory shift. Japanese authorities are examining whether to bring digital assets under the Financial Instruments and Exchange Act, a reclassification that could take effect as early as fiscal 2027 and impose stricter compliance requirements on exchange operators. The deal is subject to clearance from the Japan Fair Trade Commission, with closing expected around October 2026.

SBI announced the acquisition on the same day it launched JPYSC, Japan's first trust bank-backed yen stablecoin, in partnership with Startale Group. The stablecoin, issued by SBI Shinsei Trust Bank and distributed through SBI VC Trade, is backed by $63 million in reserves and received full approval from Japan's Financial Services Agency. SBI also co-launched Ripple's RLUSD dollar stablecoin in Japan through SBI VC Trade.

The group has been building its digital asset infrastructure through a series of acquisitions. In April, SBI VC Trade absorbed Bitpoint Japan. The Bitbank deal adds an exchange that has recorded zero hacking incidents since its founding in May 2014, according to the company. Bitbank's trading volume has hovered below $50 million for most of the last four months, CoinGecko data shows.

For Bitbank CEO Noriyuki Hirosue, who is among the shareholders selling their stake, the deal marks an exit for a founder who built one of Japan's more trusted exchange brands over more than a decade. Bitbank told users the acquisition will have no effect on existing services, with customers able to continue trading without disruption throughout the ownership transfer.

Beyond exchange operations, SBI has rolled out a Visa-branded rewards card that converts spending into Bitcoin and other crypto through SBI VC Trade. In February, SBI and Startale Group unveiled Strium, a layer-1 blockchain designed for around-the-clock trading and settlement of tokenized equities and real-world assets.

The transaction represents the largest consolidation move in Japan's regulated crypto market to date and shows that well-capitalized financial groups are expected to dominate as compliance requirements tighten.

This article is for informational purposes only and does not constitute investment advice.