SBI to Buy Bitbank for $289M, Becomes Japan's Top Crypto Custodian

SBI's projected ¥1.1 trillion in custody assets puts it ahead of bitFlyer, which held about ¥960 billion as of December 2025, and Coincheck, which reported about ¥800 billion as of March 2025. The gap is substantial even when accounting for different disclosure timelines across Japanese crypto operators.

Bitbank is Japan's third-largest exchange by trading volume and user base. Bringing it under SBI adds retail reach and trading infrastructure to an already established crypto division. SBI VC Trade already operates in the space, and the combined group will have a broader user network.

The consolidation reflects a trend in Japan's regulated crypto sector. SBI's move strengthens its position as a dominant player in a market that has seen several foreign exchanges exit or scale back. Japan's regulatory framework under the Financial Services Agency has encouraged licensed operators to build scale through mergers and partnerships. Japan Strengthens Lead in Regulated Crypto Infrastructure

The transaction concentrates a significant share of Japan's crypto custody assets under one group. That concentration could affect fee structures and service offerings for institutional clients, though SBI has not detailed post-merger pricing plans. The company expects to complete the share purchases from individual shareholders in August and from MIXI and Ceres by the end of October.