SBI Acquires Bitbank for $289M, Surpasses $7B in Crypto Assets

SBI Holdings, Japan's largest financial conglomerate and key partner of Ripple in Asia, has acquired Bitbank, one of Japan's top cryptocurrency exchanges, for ¥46.7 billion or approximately $289 million.

The acquisition strengthens SBI's position as a major player in the Japanese crypto market and propels its digital asset operations to new heights.

With this deal, SBI's combined assets under management will surpass $7 billion, eclipsing competitors bitFlyer and Coincheck.

The purchase is set to take place in stages, with an initial acquisition of shares from Bitbank founder Noriyuki Hirosue and other individual stakeholders followed by the purchase of remaining equity held by major investors MIXI and Ceres within the year.