SBI Bets Big on Crypto Scale
SBI Holdings has signed a deal to acquire full control of Bitbank, one of Japan’s leading cryptocurrency exchanges, for 46.7 billion yen—about $289 million. The acquisition, executed throough SBI’s wholly owned subsidiary SBICAH, will see shares purchased from Bitbank CEO Noriyuki Hirosue and other individual shareholders, followed by a third-party share allotment. This move is set to reshape the Japanese crypto landscape by combining Bitbank with SBI’s existing exchange, SBI VC Trade.
Once complete, the merged entity will command approximately 1.1 trillion yen (roughly $6.8 billion) in assets under custody and serve around 2.92 million crypto asset accounts as of the end of April. On paper, these numbers put the new group at the top of Japan’s crypto exchange rankings—but daily trading volumes at Bitbank have hovered below $50 million for most of the last four months.
The BTC/JPY trading pair alone made up 39.5% of Bitbank’s volume as of April 2024.
Two-Phase Buyout Reshapes Market
The buyout process is structured in two distinct phases: first, SBI will acquire shares from Bitbank’s founders and individual stakeholders in August; then Bitbank will repurchase shares held by corporate investors MIXI and Ceres by October. After these transactions, SBI will achieve 100% indirect ownership of Bitbank via its investment arm SBICAH GK. According to cointelegraph.com, the companies expect the transaction to close around October, pending regulatory clearance from authorities such as the Japan Fair Trade Commission.
It’s unclear whether this timeline could be affected by regulatory reviews or unforeseen market events.
Bitbank’s Quiet Rise to the Top
Bitbank has quietly become a significant player in Japan’s digital asset sector since its launch. The company reports zero hacking incidents to date—a notable record in an industry often marred by security breaches. While its daily trading volume remains modest compared to global giants—rarely surpassing $50 million recently—the exchange boasts a loyal user base and steady growth.
The BTC/JPY pair dominates trading on Bitbank, accounting for 39.5% of volume; XRP/JPY and ETH/JPY each contribute 19.7%. This concentration on yen-based pairs reflects both domestic demand and the unique structure of Japan’s regulated crypto market.
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Regulatory Hurdles Await October Closing
Both companies have stated that closing is expected around October 2026, but this is subject to clearance from competition authorities and other standard conditions. The need for approval from the Japan Fair Trade Commission adds a layer of uncertainty that could shift timelines or deal terms if issues arise during review. Despite these hurdles, both parties have signaled confidence in reaching final closure within the projected window.
Recent activity also hints at broader ambitions: on Wednesday, SBI and Startale launched a new yen-pegged stablecoin (JPYSC), issued by SBI Shinsei Trust Bank and distributed through SBI VC Trade—though initially limited to transfers within SBI VC Trade accounts only.
The Gist
- •SBI Holdings will acquire Bitbank for 46.7 billion yen ($289 million), with the deal expected to close around October 2026.
- •The merged SBI VC Trade and Bitbank entity will have approximately 2.92 million crypto asset accounts and 1.1 trillion yen in assets under custody.
- •Bitbank’s daily trading volume has stayed below $50 million for most of the last four months, with BTC/JPY making up 39.5%.
Key indicators to follow
If the Japan Fair Trade Commission grants regulatory clearance and the share buybacks from MIXI and Ceres are completed as scheduled by October 2026, SBI Holdings will achieve 100% indirect ownership of Bitbank, immediately consolidating approximately 2.92 million crypto accounts and 1.1 trillion yen in assets under custody under its control; if regulatory approval is delayed or denied, the transaction's completion remains uncertain.
