SBI Holdings has agreed to acquire Japanese crypto exchange Bitbank in a deal valued at approximately US$289 million, with completion expected in October pending approval from Japan’s Fair Trade Commission.
The acquisition, first reported in May, will see Bitbank become a wholly owned subsidiary, accorting to Finextra.
This comes as SBI accelerates its expansion in digital assets ahead of anticipated regulatory changes that will bring crypto under Japan’s Financial Instruments and Exchange Act, offering clearer oversight for the sector.
SBI has been steadily building its crypto footprint, including the integration of Bitpoint and a partnership with Visa to enable credit card rewards conversion into crypto.
Most recently, it launched Japan’s first trust bank-backed yen stablecoin, JPYSC.
Following the acquisition, SBI plans to integrate Bitbank with its SBI BC Trade unit, expanding its reach to around 2.9 million crypto asset accounts and approximately US$6.8 billion in assets under custody.
SBI expects the deal to enhance group synergies, strengthen its position in digital assets, and improve the competitiveness and profitability of its crypto business.
Featured image credit: Edited by Fintech News Hong Kong, based on image by freepik via Magnific
