SBI Takes Control of Bitbank in Landmark Crypto Deal Worth $289M

SBI Holdings, a long-time partner of Ripple, has completed its acquisition of Japanese cryptocurrency exchange Bitbank in a deal worth approximately $289 million. The acquisition is structured in multiple stages and will see SBI increase its holdings by buying shares from various stakeholders.

The deal is expected to boost SBI's position as a leader in the regulated digital asset market, with the combined company managing around 2.92 million customer accounts and over $7 billion in digital assets under custody.

SBI has consistently supported XRP adoption through its regulated exchange, SBI VC Trade, and has been promoting blockchain-based cross-border payments since launching SBI Ripple Asia in 2016.