SBI to buy Bitbank for $289 million—will the crypto trading landscape in Japan be reshaped?
Japanese financial giant SBI Holdings has moved—announcing a 100% acquisition of the long-established crypto exchange Bitbank for 46.7 billion yen (about $289 million). The deal is expected to be completed in October. By then, SBI’s custody assets will exceed 1 trillion yen, placing it firmly at the top of Japan’s crypto exchange rankings, overtaking bitFlyer and Coincheck.
This is already SBI’s third crypto merger and acquisition this year: it absorbed BITPoint Japan in April and integrated DMM Bitcoin users, and now it has brought Bitbank under its umbrella as well. Combined with its concurrent investment in Singapore’s Coinhako and the newly launched yen stablecoin JPYSC, SBI is building a crypto-finance empire spanning Japan and beyond.
Notably, Japan is also considering bringing crypto assets under regulation by the Financial Instruments and Exchange Act. With compliance thresholds rising, the room for smaller and mid-sized platforms to survive is being squeezed—this wave of consolidation may be only just beginning. Bitbank says user services will not be affected and the brand will remain unchanged. But the market landscape has already begun to quietly shift.
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