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SBI's $300M Bitbank Deal Targets Japan's Top Crypto Exchange
SBI Holdings is buying Bitbank for JPY 46.7 billion. The combined group would hold 1.1 trillion yen in crypto assets and 2.92 million accounts, pending antitrust clearance.
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SBI Holdings is buying Bitbank for JPY 46.7 billion (around $300 million) in a deal that would combine the exchange with SBI VC Trade and create Japan's largest crypto platform group by custody assets.
The agreement was signed June 25, 2026, through SBI Crypto Asset Holdings GK (SBICAH), a wholly owned SBI subsidiary. The transaction still needs clearance from Japan's Fair Trade Commission before it can close.
If approved, the combined group would hold roughly 1.1 trillion yen (about $7 billion) in crypto assets under custody and around 2.92 million accounts, SBI said in a filing.
"Upon completion of the transaction, based on a simple aggregation of the figures of SBI VC Trade and Bitbank as of April 30, 2026, the Company Group is expected to have approximately JPY 1.1 trillion in assets under custody and approximately 2.92 million crypto asset accounts," SBI said.
The deal structure mixes share purchases and new share issuance. Bitbank will use funds from the capital increase to buy treasury shares from MIXI and CERES. After those steps, SBI expects to indirectly hold 100% of Bitbank's voting rights through its subsidiary.