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SBI Holdings has agreed to acquire Japanese crypto exchange Bitbank for ¥46.7 billion, or about $289 million, through investment vehicle SBICAH GK. The financial group expects to complete the transaction by October 2026, subject to clearance from the Japan Fair Trade Commission.
SBI signed the binding agreements on June 24 and 25. The transaction gives the group access to 960,000 customer accounts and ¥570 billion in digital assets under custody.
SBI has been developing a digital asset platform that covers trading, custody, tokenization, and payments. Bitbank adds a regulated retail exchange and a direct entry point into Japan’s crypto market.
The ¥46.7 billion price equals about eight times Bitbank’s revenue, despite the exchange reporting a net loss during its latest fiscal year. The valuation has therefore attracted scrutiny.
Still, people familiar with SBI’s thinking said the price reflects more than Bitbank’s revenue or customer base. They said the exchange provides a licensed distribution channel for yen-denominated stablecoins.
SBI Shinsei Trust Bank issues JPYSC, a stablecoin linked to the Japanese yen. Wider circulation requires a registered exchange with established compliance systems, strong security, and direct customer access.
Can SBI expand JPYSC faster by acquiring Bitbank rather than building and licensing a new exchange?
Bitbank holds Kanto Local Finance Bureau registration No. 00004. It also operates within Japan’s self-regulatory framework through the Japan Virtual and Crypto Assets Exchange Association.
SBI will complete the acquisition through two separate phases. In August, the group will buy shares from individual investors, including Bitbank founder and chief executive Noriyuki Hirosue. By the end of October, Bitbank plans to repurchase and retire shares that MIXI and Ceres own. Together, the two corporate shareholders control about half of the exchange.
The second stage uses a company buyback instead of a direct purchase by SBI. Therefore, the acquisition involves two completion events with separate conditions. SBI expects the transaction to have only a minor effect on its consolidated fiscal 2027 results. The guidance points to strategic platform development rather than immediate earnings growth.
The group said the acquisition would create new business opportunities involving stablecoins, digital assets, and on-chain finance. Bitbank’s infrastructure provides an operating base for that expansion.
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The acquisition comes as Japan prepares to place crypto assets under the Financial Instruments and Exchange Act. The lower house passed the relevant legislation on June 11. The proposed framework raises capital, custody, and disclosure standards for crypto exchanges. At the same time, it lowers the crypto gains tax to 20%.
The legislation also creates a possible route for spot Bitcoin, Ether, and XRP exchange-traded funds. Rising compliance costs could place further pressure on smaller operators. Architect Partners estimates that about 90% of Japan’s 27 licensed crypto exchanges remain unprofitable. The investment bank expects as many as half to merge or leave the market.
If the deal closes, SBI projects that the combined group will control about ¥1.1 trillion in crypto assets across 2.9 million accounts. It would surpass bitFlyer and Coincheck by asset value.
The enlarged operation would include Japan Digital Asset Trust, Bitbank’s retail platform, and its altcoin trading business. Bitbank cites JVCEA volume data when describing its domestic altcoin position. SBI also plans to retain Bitbank as a separate exchange brand. Meanwhile, private-equity-owned bitFlyer remains widely viewed as another possible target as Japan’s independent exchange market narrows.
SBI Holdings’ ¥46.7 billion Bitbank acquisition strengthens its regulated crypto infrastructure, expands customer access, and supports wider yen stablecoin distribution. As Japan raises compliance standards, the deal positions SBI for further growth across trading, custody, payments, and on-chain finance.
