SBI Acquires Bitbank in Landmark $289M Crypto Deal

SBI Holdings, Ripple's longest-standing strategic partner in Asia, has acquired leading Japanese cryptocurrency exchange Bitbank for approximately $289 million. The deal is one of the largest crypto acquisitions in Japan's history and will make SBI the country's biggest digital asset operator by assets under management.

The acquisition expands SBI's footprint in Japan's regulated crypto sector, with combined assets exceeding $7 billion and over 2.9 million customer accounts through its exchange SBI VC Trade. This significantly surpasses major domestic rivals such as bitFlyer and Coincheck.

SBI's partnership with Ripple dates back to 2016 when they launched SBI Ripple Asia together, working closely to accelerate the adoption of Ripple's blockchain technology and XRP-powered payment solutions across Japan and the Asia-Pacific region. The relationship has been championed by SBI Chairman and CEO Yoshitaka Kitao, a former Ripple board member and long-time advocate of XRP.

The acquisition creates a larger regulated crypto platform that could accelerate the adoption of Ripple's payment infrastructure, XRP, and RLUSD throughout Japan. This is in line with SBI's accelerating commitment to digital assets, reinforcing Japan's position as one of the world's most XRP-friendly markets.