SBI Holdings Acquires Bitbank in ¥46.7 Billion Crypto Deal

SBI Holdings has completed its acquisition of Bitbank, one of Japan's leading cryptocurrency exchanges. The deal was worth ¥46.7 billion (around $294.9 million) and was finalized on October 1, exactly three months after the initial announcement in June.

The acquisition marks a significant expansion for SBI Group's retail-focused crypto business, with Bitbank bringing a large customer base centered around retail investors to the table. The exchange will continue to operate its current services unchanged for existing users, ensuring continuity and retention of customers.

As part of the deal, Tomohiko Kondo, president of SBI VC Trade, joined Bitbank's board of directors, while Noriyuki Hirosue, CEO of Bitbank, is set to become an outside director at SBI VC Trade. This cross-appointment arrangement links the governance of SBI's existing crypto arm with its newly acquired exchange.

The acquisition reflects a broader trend of established financial institutions moving deeper into digital assets in Japan's growing crypto market. With clearer regulations and increasing involvement from major financial groups, SBI Group has made a strategic bet on the expansion of the country's digital asset market.