Japanese financial conglomerate SBI Holdings has entered talks to acquire a stake in local digital asset platform Bitbank, according to a report by Finextra.

The proposed deal would make the crypto exchange a consolidated subsidiary, further expanding SBI Holdings’ presence in the digital asset sector.

SBI Holdings Chairman and President Yoshitaka Kitao has submitted a letter of intent to begin discussions on a capital and business alliance with Bitbank.

“We believe that by welcoming Bitbank into our group and maximising synergies within the group, we can establish a dominant position in the domestic crypto asset industry,”

the company said.

The potential acquisition follows SBI’s recent expansion in the crypto sector. In April, the firm absorbed crypto exchange Bitpoint into its operations.

SBI has also partnered with Visa to offer credit cards that convert spending rewards into cryptocurrency.

The move comes as Japan prepares to bring digital assets under the country’s Financial Instruments and Exchange Act, a shift expected to provide greater regulatory clarity for the domestic crypto market.

Featured image credit: Edited by Fintech News Hong Kong, based on image by freepik via Magnific