SBI Holdings to Buy Bitbank for ¥46.7B ($289M), Creating Japan’s Largest Crypto Exchange by Assets
SBI Holdings announced Thursday it has agreed to acquire Tokyo-based crypto exchange Bitbank in a transaction valued at about ¥46.7 billion (roughly $289 million). The deal—approved by SBI’s board—would make Bitbank a wholly owned SBI subsidiary and, when combined with SBI’s existing crypto arm, position the group as Japan’s largest exchange by assets under custody.
Deal structure and timeline
- A wholly owned SBI subsidiary will first purchase shares directly from Bitbank CEO Noriyuki Hirosue and other individual shareholders. It will then subscribe to a new share issuance by Bitbank.
- Bitbank will use the capital raised to buy back and retire stakes held by its two largest corporate shareholders, MIXI Inc. and Ceres Inc., which together control nearly half the exchange.
- The transaction is expected to close around October, subject to clearance from Japan’s Fair Trade Commission.
Scale and integration
SBI said it will fold Bitbank’s security and compliance operations into its existing crypto business centered on SBI VC Trade. The combined group would hold an estimated ¥1.1 trillion (about $6.8 billion) in assets under custody and serve roughly 2.92 million crypto accounts—numbers SBI says would make it the largest Japanese exchange by assets under custody and among the biggest by user count.
Strategic context and financial impact
The acquisition underscores ongoing consolidation in Japan’s digital-asset industry as established financial players expand crypto offerings. SBI is continuing to build a broad crypto strategy spanning trading, stablecoins and on-chain finance. The company described the expected impact on its consolidated financial results for the fiscal year ending March 2027 as minor.
Bitbank’s recent performance
Financial disclosures included in SBI’s announcement show Bitbank returned to a net loss for the fiscal year ended December 2025 after two years of profitability.
The deal now awaits regulatory approval; if cleared, the integration will significantly reshape Japan’s crypto exchange landscape by concentrating custody assets and user accounts under the SBI umbrella.
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