SBI Holdings has agreed to acquire Japanese crypto exchange Bitbank for ¥46.7 billion (approximately $289 million) through investment vehicle SBICAH GK. The financial group expects to complete the transaction by October 2026, pending clearance from the Japan Fair Trade Commission.
SBI signed binding agreements on June 24 and 25. The acquisition provides access to 960,000 customer accounts and ¥570 billion in digital assets under custody.
Bitbank Adds a Regulated Yen Stablecoin Gateway
SBI has been developing a digital asset platform covering 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 in its latest fiscal year, drawing scrutiny.
People familiar with SBI’s strategy say the price reflects more than Bitbank’s revenue or customer base; 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.
Acquiring Bitbank allows SBI to expand JPYSC faster than building and licensing a new exchange. Bitbank holds Kanto Local Finance Bureau registration No. 00004 and operates within Japan’s self-regulatory framework through the Japan Virtual and Crypto Assets Exchange Association.
Two-Stage Deal Separates the Share Purchases
SBI will complete the acquisition in two phases. In August, the group will buy shares from individual investors, including Bitbank founder and CEO Noriyuki Hirosue. By the end of October, Bitbank plans to repurchase and retire shares owned by MIXI and Ceres, which together control about half of the exchange.
The second stage uses a company buyback rather than a direct purchase by SBI, so 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, indicating a focus on strategic platform development rather than immediate earnings growth.
The group stated that the acquisition would create new business opportunities in stablecoins, digital assets, and on-chain finance, with Bitbank’s infrastructure providing an operating base for that expansion.
Japan’s Compliance Shift Drives Consolidation
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 while lowering 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 pressure smaller operators. Architect Partners estimates that about 90% of Japan’s 27 licensed crypto exchanges remain unprofitable, with as many as half expected 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, surpassing bitFlyer and Coincheck by asset value. The enlarged operation would include Japan Digital Asset Trust, Bitbank’s retail platform, and its altcoin trading business. SBI plans to retain Bitbank as a separate exchange brand.
What’s Next?
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.