SBI Holdings announced on June 25, 2026 that it will acquire Japanese crypto exchange bitbank for JPY 46.7 billion, roughly $288.6 million, making it a wholly owned subsidiary in what would be one of the largest domestic exchange deals in Japan’s regulated crypto market.
The Tokyo-listed financial conglomerate said its board resolved to sign both a basic agreement and a share transfer agreement to bring bitbank under full ownership. SBI expects to indirectly hold 100.0% of bitbank’s voting rights once the full transaction sequence closes. For related coverage, see SpaceX Bitcoin Holdings Reportedly Double in Size: What It Means.
The deal involves the transfer of 53,704 existing shares and the issuance of 48,952 new shares through a capital increase. The share transfer is planned for around August 2026, with the capital increase and treasury-share steps targeted for around October 2026, subject to Japan Fair Trade Commission clearance and other closing conditions. For related coverage, see Thailand Issues Arrest Warrant in $28M Illegal Crypto Mining Probe.
What the bitbank acquisition includes
SBI disclosed a total acquisition cost of JPY 46.7 billion for the combined share transfer and capital increase. The Block reported that figure as approximately $288.6 million. For related coverage, see Report: DOJ Seizes Huione Infrastructure Linked to Crypto Laundering.
Bitbank currently operates as a registered crypto exchange in Japan with 44 coins and 44 trading pairs listed. The platform carries a CoinGecko trust score of 8 out of 10 and recorded roughly $39.1 million in 24-hour trading volume at the time of the announcement.
Bitbank reported a standalone net loss of JPY 696 million for fiscal 2025, a detail disclosed in SBI’s official filing that has not appeared in competitor coverage of the deal. The acquisition price therefore reflects a significant premium over the exchange’s recent earnings trajectory.
Why SBI Holdings is expanding deeper into crypto
SBI already operates SBI VC Trade, its own crypto exchange subsidiary. The company said that a simple aggregation of SBI VC Trade and bitbank figures as of April 30, 2026 would imply approximately JPY 1.1 trillion in combined assets under custody and approximately 2.92 million crypto accounts.
Absorbing bitbank would give SBI a second regulated exchange with its own user base, trading infrastructure, and market-maker relationships. Rather than building organic growth at SBI VC Trade alone, the acquisition lets SBI immediately scale its custody footprint and account base across Japan’s licensed exchange landscape.
SBI has been steadily expanding its digital asset operations beyond Japan as well. The group has made investments in Singapore-based exchange Coinhako and pursued partnerships with Visa for crypto-linked payment products, positioning the bitbank deal as one piece of a broader institutional push into digital assets.
What the deal could mean for Japan’s crypto market
The acquisition arrives as Japan moves toward tighter regulation of digital assets. Japan’s cabinet approved a draft amendment last month that would classify crypto assets as financial products under the Financial Instruments and Exchange Act, potentially taking effect as early as fiscal 2027. A well-capitalized acquirer like SBI may be better positioned than smaller independent exchanges to absorb the compliance costs that come with stricter oversight.
The deal also signals continued consolidation among Japan’s registered crypto exchanges. With SBI set to control two licensed platforms and nearly 3 million accounts, smaller competitors may face increasing pressure to find partners or acquirers of their own. The transaction’s scale, at nearly $289 million, sets a new benchmark for what institutional buyers are willing to pay for regulated exchange infrastructure in the country.
Japan has maintained one of the world’s strictest exchange licensing regimes since the 2018 Coincheck hack. That regulatory clarity has attracted institutional capital but also kept the number of active exchanges relatively small. SBI’s move to absorb bitbank concentrates market share further, at a time when broader crypto markets remain under pressure and the Fear and Greed Index sits at 12, deep in “Extreme Fear” territory.
The transaction remains subject to JFTC review. If cleared, SBI expects full completion by around October 2026, at which point bitbank would become an indirectly held wholly owned subsidiary within the SBI group.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
