Japanese financial services giant SBI Holdings to buy Bitbank for $289 million
CoinDesk 2026-06-26 08:31:57
Context: SBI Holdings, a Japanese financial services giant, has agreed to buy cryptocurrency exchange Bitbank for around $289 million as part of its strategy to expand its crypto business ahead of potential regulatory developments in Japan. The acquisition, subject to regulatory approval, is set to close in October. This move is part of SBI's broader efforts to grow its presence in the cryptocurrency market.
Key Facts
- SBI Holdings agreed to buy cryptocurrency exchange Bitbank for around $289 million, with the acquisition set to close in October subject to regulatory approval.
- Bitbank is one of Japan's top 10 largest crypto exchanges by trading activity, processing a 24-hour volume of just under $50 million, according to CoinGecko.
- The acquisition is part of SBI's strategy to expand its crypto business ahead of potential regulatory developments in Japan, where cryptocurrencies are being brought under the umbrella of financial products as authorized by the Financial Instruments and Exchange Act.
- SBI Holdings previously bought crypto exchange Bitpoint in 2022 as part of its efforts to grow its presence in the cryptocurrency market.
- Japan is in the process of regulating cryptocurrencies, with the new regulations potentially taking effect from early next fiscal year, which could have significant implications for the country's cryptocurrency market.