SBI Completes $295 Million Acquisition of Japanese Crypto Exchange Bitbank

SBI Holdings has completed its acquisition of Bitbank, making the Japanese crypto exchange a wholly owned subsidiary. The transaction, valued at $295 million, was announced in June and finalized on October 1.

Under the new management structure, Tomohiko Kondo, president and CEO of SBI VC Trade, joined Bitbank's board as a director. Noriyuki Hirosue remains president and CEO of Bitbank, with no changes to existing exchange services or customer access.

The acquisition marks a significant expansion of SBI Holdings' digital finance activities. The company has been working on various initiatives, including a partnership with the Solana Foundation and SBI R3 Japan to develop an onchain financial market originating in Japan.