SBI Secures Bitbank Acquisition Deal Valued at $289M
SBI Holdings has agreed to acquire Tokyo-based cryptocurrency exchange Bitbank for approximately $289 million. The deal would make Bitbank a wholly owned subsidiary of SBI, further consolidating its position in Japan's digital asset industry.
According to the agreement, SBI will first purchase shares directly from Bitbank CEO Noriyuki Hirosue and other individual holders. Then, it will subscribe to a new share issuance by Bitbank, which will use the proceeds to buy back and retire the stakes held by MIXI and Ceres.
The combined entity would hold an estimated 1.1 trillion yen ($6.8 billion) in assets under custody, making it Japan's largest crypto exchange by that metric. The deal is expected to close around October, pending clearance from Japan's Fair Trade Commission.