MV Capital - SBI Holdings Acquires Bitbank in $289 Million Deal to Create Japan's Largest Crypto Exchange

SBI Holdings has signed agreements to fully acquire Japan's Bitbank crypto exchange for approximately 46.7 billion yen ($289 million),positioning the combined entity as the country's leading regulated crypto platform with over 2.9 million accounts and 1.1 trillion yen in assets under custody

Deal Structure and Timeline

SBI Holdings, through its wholly owned subsidiary SBICAH, will acquire shares from Bitbank CEO Noriyuki Hirosue and other shareholders. This will be followed by a third-party share allotment. Bitbank will then repurchase shares held by corporate shareholders MIXI and Ceres, resulting in SBI achieving 100% indirect ownership.

The transaction is subject to regulatory approvals, including clearance from the Japan Fair Trade Commission. Both parties expect the deal to close around October 2026. Bitbank has confirmed that existing services for users will continue without interruption during the transition.

Key Transaction DetailsAcquisition value: 46.7 billion yen (~$289 million)
Full indirect ownership for SBI upon completion
Share purchases from founders and individuals expected to begin in August
Buyback of shares from MIXI and Ceres by end of October

Creating Japan's Crypto Market Leader

Upon completion, the combination of Bitbank with SBI's existing crypto operations, primarily SBI VC Trade, will create a major player in Japan's regulated digital asset sector. As of end-April 2026 figures, the enlarged group is projected to manage approximately 1.1 trillion yen in crypto assets under custody and serve roughly 2.92 million accounts. This scale would rank it first in assets under custody among domestic exchanges.

Bitbank, founded in 2014, has maintained a strong reputation with no reported hacking incidents since inception. Its trading volumes have been moderate in recent months, often below $50 million daily, with major pairs including BTC/JPY, XRP/JPY, and ETH/JPY. The integration aims to leverage combined customer bases, security systems, compliance frameworks, and development capabilities.

Projected Combined ScaleMetricProjected Figure
Assets Under Custody~1.1 trillion yen
Crypto Accounts~2.92 million
Market PositionLargest by AUM in Japan

Metric	Projected Figure
Assets Under Custody	~1.1 trillion yen
Crypto Accounts	~2.92 million
Market Position	Largest by AUM in Japan

Broader Strategic Context

This acquisition forms part of SBI's ongoing expansion in digital assets. The group has been actively developing infrastructure across trading, stablecoins, and tokenized products. Recent initiatives include the launch of the yen-pegged stablecoin JPYSC and the introduction of Ripple's RLUSD in Japan through its platforms.

The move also aligns with a broader trend of consolidation in Japan's crypto industry. Earlier in 2026, SBI VC Trade integrated Bitpoint Japan, reducing operational overlap and strengthening its position. Industry observers note that regulatory developments, including potential reclassification of digital assets, may favor larger, well-capitalized institutions with robust compliance capabilities.

 "This acquisition will allow us to combine customer bases and resources to expand trading services and develop new products related to stablecoins and other digital assets."
SBI Holdings Statement

Implications for Japan's Crypto Sector

The deal underscores the maturing of Japan's regulated crypto market. By bringing Bitbank fully under its umbrella, SBI gains additional distribution channels for existing and future offerings in stablecoins, tokenized assets, and on-chain financial products. Bitbank's established user base and operational track record complement SBI's broader financial services ecosystem, which spans banking, securities, and asset management.

As the integration proceeds, focus will likely remain on maintaining service continuity while exploring synergies in product development and market reach. The transaction reflects confidence in the long-term growth potential of digital assets within Japan's established financial framework.