CoinDesk
Japanese financial services giant SBI Holdings said on Thursday it agreed to acquire domestic cryptocurrency exchange Bitbank for around $289 million, with the deal set to close in October subject to regulatory approval. SBI first floated the acquisition at the start of last month, framing it as part of a broader strategy to expand its crypto business ahead of potential regulatory developments in Japan. The Tokyo-based bank previously bought crypto exchange Bitpoint in 2022.
Bitbank ranks among Japan's top 10 largest crypto exchanges by trading activity, according to CoinGecko, processing 24-hour volume of just under $50 million. That puts it well behind global competitors such as Toobit, CoinW, Kraken and Bitmart, each processing more than $1 billion in 24-hour volume.
Why it matters
Japan is in the process of bringing cryptocurrencies under the umbrella of financial products as authorized by the Financial Instruments and Exchange Act, the same framework that governs stocks and other securities. The reclassification could take effect from early next fiscal year. Acquiring a regulated domestic venue now positions SBI to operate a larger combined entity under that incoming framework rather than scrambling to build compliance after the rules land.
Market impact
The deal is the clearest signal yet that incumbent Japanese financial groups are consolidating crypto infrastructure ahead of the FIEA reclassification, betting that licensed domestic venues will command a premium once token trading sits inside the same regulatory perimeter as securities. SBI's prior Bitpoint purchase in 2022 sets the template: this is buy-and-integrate, not a venture bet. The ~$50M daily volume gap between Bitbank and the global majors also hints at where post-consolidation growth has to come from: deeper liquidity, more listings, and cross-selling into SBI's existing retail and institutional base, not just organic Japanese demand.
Frequently asked questions
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How much is SBI Holdings paying for Bitbank?
SBI Holdings said on Thursday it agreed to acquire Bitbank for around $289 million, with the deal set to close in October subject to regulatory approval.
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Why is SBI buying Bitbank now?
SBI framed the acquisition as part of a broader strategy to expand its crypto business ahead of potential regulatory developments in Japan, including bringing tokens under the Financial Instruments and Exchange Act.
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How big is Bitbank compared to global crypto exchanges?
Bitbank processes 24-hour trading volume of just under $50 million per CoinGecko, well behind competitors like Toobit, CoinW, Kraken and Bitmart, each processing more than $1 billion in 24-hour volume.
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Has SBI acquired other crypto exchanges?
Yes. SBI Holdings previously acquired crypto exchange Bitpoint in 2022, making Bitbank its second regulated domestic crypto venue.
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What regulatory change is coming for crypto in Japan?
Japan is working to bring cryptocurrencies under the Financial Instruments and Exchange Act, the same framework that governs stocks and other securities. The reclassification could take effect from early next fiscal year.
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