SBI Takes Full Control of Japan's Bitbank with $294.9 Million Acquisition

SBI Holdings has completed its acquisition of Bitbank, one of Japan's leading cryptocurrency exchanges, for ¥46.7 billion (approximately $294.9 million). The deal was first announced on June 25 and was completed on October 1, exactly as projected by SBI.

The acquisition was structured in three steps: SBICAH LLC, a subsidiary of SBI, purchased shares from existing Bitbank shareholders, including CEO Noriyuki Hirosue; SBICAH subscribed to a third-party allotment of new Bitbank shares; and Bitbank itself repurchased shares held by MIXI and Ceres, converting them into treasury stock.

As a result of the acquisition, Bitbank is now a wholly owned subsidiary of SBI Holdings. Tomohiko Kondo, president of SBI VC Trade, has joined Bitbank's board of directors, while Hirosue is set to become an outside director at SBI VC Trade.

Bitbank has assured its users that its existing exchange services will continue unchanged following the acquisition. The deal is seen as a strategic move by SBI to expand its retail-focused crypto business and tap into Bitbank's customer base.

The acquisition reflects a broader trend of major financial institutions increasing their involvement in the Japanese crypto market, driven by the expansion of the market since 2024 and the clarification of domestic regulations.