SBI Holdings acquires Bitbank for $289M, creating Japan's largest crypto exchange
In brief
- SBI Holdings agreed to acquire Bitbank for 46.7 billion yen ($289 million)
- Combined entity holds $6.8 billion in assets and serves 2.92 million accounts
- Deal expected to close October pending Japan Fair Trade Commission approval
- SBI plans to integrate Bitbank security into SBI VC Trade subsidiary
Deal Structure and Timeline
The transaction is expected to close around October, pending clearance from Japan's Fair Trade Commission. Bitbank's two largest corporate shareholders—MIXI Inc. and Ceres Inc.—together control nearly half of the exchange and are parties to the acquisition agreement.
SBI said the deal would have minor impact on its consolidated financial results for the fiscal year ending March 2027. Bitbank reported a net loss for the fiscal year ended December 2025, after two years of profitability.
Integration and Scale
Combined, the two exchanges would hold an estimated 1.1 trillion yen, or roughly $6.8 billion, in assets under custody and serve about 2.92 million crypto accounts. SBI said it would fold Bitbank's security and compliance infrastructure into its existing crypto operations, anchored by its subsidiary SBI VC Trade.
The acquisition is part of SBI's broader strategy spanning crypto trading, stablecoins and on-chain finance. The conglomerate has been steadily expanding its footprint in digital asset infrastructure, and this deal represents a significant consolidation in Japan's competitive exchange landscape.
