SBI Holdings has approved a definitive agreement to acquire Japanese crypto exchange bitbank and make it a wholly owned subsidiary.
Summary
- SBI’s ¥46.7B bitbank deal would create Japan’s largest crypto asset platform by customer assets custody.
- The transaction uses share purchases, new shares, and buybacks before planned October completion, subject approval.
- SBI plans to combine bitbank, SBI VC Trade, stablecoins, and on-chain finance products in Japan.
The company said its board resolved on June 25 to enter a basic agreement with bitbank, CEO Noriyuki Hirosue, MIXI, Ceres and other shareholders.
The transaction will run through SBICAH GK, a wholly owned SBI unit. SBI said the total acquisition cost will be about ¥46.7 billion, including the share transfer cost and the amount paid for the planned capital increase.
Deal uses several transaction steps
The first stage will see SBICAH acquire 53,704 bitbank shares from Hirosue and other individual shareholders. SBI plans to complete that share transfer around August 2026.
The next stage will involve a third-party allotment of 48,952 new shares to SBICAH around October 2026. After that, bitbank plans to use the raised capital to buy back shares held by MIXI and Ceres, then retire them as treasury shares.
Once all steps close, SBI expects to hold 100% of bitbank’s voting rights on an indirect basis. The closing remains subject to Japan Fair Trade Commission review and other standard conditions.
Japan crypto market consolidation grows
The deal would combine bitbank with SBI’s existing crypto business, SBI VC Trade. SBI said the combined group would hold about ¥1.1 trillion in customer assets under custody and about 2.92 million crypto accounts, based on April 30 data from SBI VC Trade and bitbank.
As previously reported by crypto.news, SBI had started formal talks with bitbank in May as Japan’s crypto exchange sector moved toward more consolidation. That report also noted that the talks followed SBI VC Trade’s April 2026 merger with Bitpoint Japan.
Bitbank gives SBI another major exchange brand in Japan’s regulated crypto market. The exchange offers spot trading, lending and crypto-linked payment services, while SBI already operates banking, securities, insurance and digital asset businesses.
Security and stablecoins shape SBI’s plan
SBI said bitbank has maintained “zero hacking incidents” since its founding. The group said bitbank’s security record can support its wider plan to build stronger crypto asset services and deepen user trust.
SBI also pointed to new business areas beyond crypto trading. The company said it wants to expand financial services tied to stablecoins and on-chain finance after bitbank joins the group.
As reported by crypto.news, SBI and Startale launched Strium earlier this year, a Layer 1 blockchain built for tokenized securities, foreign exchange and real-world assets. The project includes plans for a regulated yen stablecoin issued by Shinsei Trust & Banking and distributed through SBI VC Trade.
SBI has also expanded crypto-linked retail products. As reported by crypto.news, the group partnered with Visa on a card product that lets users earn Bitcoin, Ethereum and XRP rewards through SBI VC Trade and Aplus.
For bitbank users, the near-term change appears limited. bitbank said existing services would continue unchanged while the acquisition process moves forward.
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