Japanese financial conglomerate SBI Holdings has agreed to acquire cryptocurrency exchange Bitbank for approximately $289 million, marking a significant expansion of its digital asset operations.
The Tokyo-based firm initially signaled its intent early last month, positioning the deal as a strategic move to strengthen its crypto business ahead of anticipated regulatory shifts in Japan. SBI previously entered the exchange market through its 2022 acquisition of Bitpoint.
Japan is currently advancing legislation to classify cryptocurrencies as financial products under the Financial Instruments and Exchange Act—the same framework governing stocks and securities—with the new regime potentially taking effect early next fiscal year.
According to CoinGecko data, Bitbank ranks among Japan’s top ten exchanges by trading activity, handling a 24-hour volume of just under $50 million. By comparison, global competitors such as Toobit, CoinW, Kraken, and Bitmart each process well over $1 billion in daily volume.
SBI stated on Thursday that the transaction, which remains subject to regulatory approval, is expected to close in October.
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