SBI Holdings agrees $289M deal to take over Japan's Bitbank exchange

SBI Holdings has agreed to acquire all shares of cryptocurrency exchange Bitbank in a ¥46.7 billion ($289 million) transaction. 

This deal would make the combined group Japan’s largest crypto exchange operator by assets under custody. The acquisition runs through SBICAH, a wholly owned SBI subsidiary.

How does the deal work?

Starting around August, SBICAH will purchase shares from Bitbank founder and CEO Noriyuki Hirosue and other individual shareholders, according to an announcement from SBI Holdings.

Bitbank will then use proceeds from a third-party share allocation to buy back stakes held by MIXI and Ceres, its two largest corporate investors, which currently own 26.2% and 22.4%, respectively, according to SBI’s disclosure.

Once those buybacks are completed, which is projected to be around October 2026, SBI will hold 100% of Bitbank’s voting rights indirectly through SBICAH.

The transaction still requires antitrust clearance from Japan’s Fair Trade Commission, SBI said.

What is the scale of the combination of SBI and Bitbank?

Based on figures from the end of April 2026, a combination of SBI VC Trade and Bitbank would give SBI around ¥1.1 trillion (about $6.8 billion) in assets under custody and approximately 2.92 million crypto accounts.

This would make it rank first among domestic exchange operators by custodied assets, according to SBI’s own estimates, placing it above rivals bitFlyer and Coincheck.

Bitbank has been operating since 2014 and is registered with Japan’s Kanto Local Finance Bureau.

CoinMarketCap data shows the exchange handled about $38.3 million in spot trading volume over the past 24 hours across 44 trading pairs, with Bitcoin, XRP, and Ether accounting for over 79% of that volume.

SBI’s acquisition spree in crypto

SBI absorbed BITPoint Japan through SBI VC Trade in April 2026 and took on customer accounts from DMM Bitcoin.

The group has also disclosed plans to take a majority stake in Singapore-based Coinhako, a platform licensed by the Monetary Authority of Singapore. Bitbank is the latest to join that string of deals.

Also, SBI recently launched Japan’s first trust bank-backed yen stablecoin, JPYSC, on June 24 through SBI VC Trade, with SBI Shinsei Trust Bank managing reserves.

The group has also rolled out Visa-linked credit cards that convert spending rewards into Bitcoin, Ether, or XRP. Bitbank itself introduced a crypto-linked credit card with EPOS Card that lets users settle monthly bills with bitcoin held on the exchange.

What is the regulatory scene in Japan and how does it impact the SBI deal?

Japan’s cabinet approved a draft amendment earlier this year that would reclassify crypto assets as financial products under the Financial Instruments and Exchange Act, the same law governing stocks and securities.

If the amendment is passed, the change could take effect as early as fiscal 2027. It could result in stricter compliance and capital requirements, raising operating costs for smaller standalone platforms. Analysts say it could also be the driver for SBI’s recent consolidations. 

Bitbank told customers that its exchange services will continue unchanged during and after the acquisition process.

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