SBI to Buy Bitbank for ¥46.7B ($289M), Set to Create Japan's Largest Crypto Exchange by Custodied Assets

SBI Holdings said Thursday it has agreed to acquire Tokyo-based crypto exchange Bitbank in a deal valued at about ¥46.7 billion (roughly $289 million), a move that would create Japan's largest exchange group by assets under custody. The transaction, approved by SBI's board, will make Bitbank a wholly owned subsidiary. Combined with SBI's existing crypto operation, the group would hold an estimated ¥1.1 trillion (about $6.8 billion) in assets under custody and serve roughly 2.92 million crypto accounts, SBI said. Under the deal structure, a wholly owned SBI subsidiary will first purchase shares from Bitbank CEO Noriyuki Hirosue and other individual shareholders, then subscribe to a new share issuance by Bitbank. The capital raised will be used by Bitbank to buy back and retire stakes held by its two largest corporate shareholders, MIXI Inc. and Ceres Inc., which together control nearly half of the exchange. Closing is expected around October, subject to clearance from the Japan Fair Trade Commission. SBI plans to integrate Bitbank's security and compliance functions into its crypto business centered on SBI VC Trade. The company said the acquisition reflects continued consolidation in Japan's digital-asset sector as major financial groups expand crypto offerings, and reiterated its broader strategy across trading, stablecoins and onchain finance. SBI described the expected impact on consolidated results for the fiscal year ending March 2027 as minor. Financial disclosures included with the announcement show Bitbank returned to a net loss for the fiscal year ended December 2025 after two consecutive profitable years. If regulators approve the deal, the integration would concentrate custody assets and user accounts under the SBI umbrella, reshaping Japan's crypto exchange landscape.