Key facts
- SBI Holdings is acquiring crypto exchange Bitbank for approximately ¥46.7 billion.
- The acquisition is being made through SBI's subsidiary, SBICAH LLC.
- The deal is expected to be finalized by October 2026, subject to regulatory clearance.
- SBI aims to enhance its crypto business, stablecoin development, and on-chain finance offerings.
- The combined entity is anticipated to become a leader in Japan's crypto exchange market.
SBI Holdings, a significant partner for Ripple's XRP in Japan, has entered into an agreement to acquire the cryptocurrency exchange Bitbank for approximately ¥46.7 billion ($288.65 million). The deal, announced on Thursday, June 25, will see SBI Holdings, through its wholly-owned subsidiary SBICAH LLC, purchase a 100% stake in Bitbank.
This acquisition is viewed as a strategic move to bolster SBI's digital asset strategy, which has long supported Ripple-related projects and XRP payment solutions. The company aims to leverage the combined customer bases, service development capabilities, and security systems of both entities to expand its crypto exchange business, develop stablecoins, and explore on-chain finance opportunities. SBI has also recently launched a yen-backed stablecoin, JPYC.
The transaction involves SBI buying back 53,704 existing shares from Bitbank shareholders and acquiring an additional 48,952 shares as part of a capital increase. The share transfer is anticipated to conclude in August 2026, with all remaining steps and the capital increase expected to be finalized around October 2026. The completion of the deal is contingent upon regulatory approvals, including clearance from Japan's Fair Trade Commission.
Upon completion, the combined entity, including SBI's VC Trade, is projected to manage approximately ¥1.1 trillion ($6.8 billion) in customer assets and support around 2.92 million crypto accounts, positioning it as a leading crypto exchange in Japan by assets under management and account numbers. SBI has also recently introduced Solana trading and custody services, suggesting potential expansion of offerings for other cryptocurrencies.