Deal Closes After Multi-Stage Transaction

SBI Holdings completed its acquisition of Bitbank on October 1, 2026, converting the Japanese exchange into a wholly owned subsidiary. The transaction, priced at ¥46.7 billion, wrapped up a series of steps that began with discussions earlier in the year. In June, SBI signed a basic agreement and share transfer pact to bring Bitbank fully into its group.

The structure involved SBICAH, a wholly owned SBI unit, purchasing shares from existing holders including CEO Noriyuki Hirosue. SBI then subscribed to newly issued shares through a third-party allotment. Proceeds from that step enabled Bitbank to repurchase stakes previously held by MIXI and Ceres, eliminating the final external shareholders. This consolidation left SBI as the sole parent company.

Bitbank confirmed that the change in ownership would leave its day-to-day operations and customer services unchanged. Existing users can continue trading, depositing, and using all platform features as before.

New Leadership Arrangements Take Effect

The acquisition prompted adjustments across both boards. Tomohiko Kondo, president and representative director of SBI VC Trade, joined Bitbank’s board as a director. At the same time, Hirosue, who retains his role as Bitbank’s representative director, president, and CEO, moved to an outside director position at SBI VC Trade.

Three long-standing outside directors—Satoshi Takagi, Nobuhiro Kanayama, and Masaya Kubota—stepped down from Bitbank’s board as part of the refreshed structure. The updated board now includes Hirosue, Naomichi Noda, Masaaki Kato, Masahiro Terada, Kondo, and three audit and supervisory committee members. The companies intend to draw on SBI Group’s broader financial and customer resources to support future growth.

SBI’s Expanding Digital Asset Footprint

SBI has been building its crypto presence through a series of moves that include stablecoin distribution, institutional trading, and tokenized asset initiatives. SBI VC Trade now serves as the platform for Ripple’s RLUSD stablecoin in Japan and supports SBI’s own JPYSC project. The group has also conducted cross-border tests involving yen and won stablecoins on the Canton Network.

Within Japan, the Bitbank deal adds significant scale. Bitbank brings roughly ¥570 billion in custodied assets and nearly one million registered accounts. Combined with SBI VC Trade’s operations, the group now manages around ¥1.1 trillion in assets under custody across more than 2.9 million accounts, positioning it as Japan’s leader in this metric. SBI VC Trade itself absorbed Bitpoint Japan in April 2026, further consolidating the group’s domestic exchange capabilities.

Regulatory Environment Driving Consolidation

The deal occurs against a backdrop of evolving Japanese crypto rules. Updates to the Financial Instruments and Exchange Act are extending oversight to crypto assets, with changes that also reduce capital gains taxes to a flat 20 percent. These developments raise compliance and capital requirements for smaller independent exchanges, prompting several to explore partnerships or acquisitions.

Analysts view the Bitbank transaction as part of a broader trend toward consolidation in Japan’s market. SBI’s strategy has long emphasized combining traditional finance with digital assets, and the move integrates Bitbank’s retail focus with SBI VC Trade’s institutional platform. The companies plan to retain their separate exchange operations while sharing resources to enhance services for both retail and professional clients.