โก Japanโs largest crypto exchange has been bought out by a securities firm
On October 1, SBI Holdings announced that the acquisition of bitbank has been completed, and bitbank has become its 100% wholly owned subsidiary. The deal price is 46.7 billion yen, about $290 million.
The transaction is carried out in three steps. First, SBIโs wholly owned subsidiary SBICAH will buy 53,704 shares from bitbank CEO Noriyuki Hirosue and other individual shareholders, then subscribe for 48,952 newly issued shares. bitbank uses this money to complete its final move: repurchasing all shares held by MIXI and CERES. With the two long-time shareholders exiting the scene, SBI becomes the only parent company.
The price hasnโt changedโitโs still the same amount as when the agreement was signed on June 25.
With the merged platform, SBI VC Trade plus bitbank brings custody assets of about 1.1 trillion yen (around $7 billion) and 2.92 million accounts. These figures are simply the sum of the two companiesโ numbers as of April 30 of this year. bitbank itself has about 960,000 registered users, and its depth in yen-quoted altcoins ranks among the best in Japan.
Itโs buying a license.
bitbank holds a license from the Financial Services Agency, operates a spot exchange, supports dozens of yen trading pairs, and also offers margin lending and custody services. Architect Partners stated plainly after the deal signing: SBI is spending $290 million to buy regulatory-controlled scale. bitbank itself doesnโt make money.
This is already part of SBIโs ongoing string of moves. In 2020 it absorbed TaoTao; after DMM Bitcoin was hacked in 2024, it took over that firmโs accounts. Earlier this April, it merged Bitpoint Japan into SBI VC Trade, and in July it secured a majority stake in Singaporeโs Coinhako. Japanโs licensed exchanges are being folded one by one into a larger group.
Hereโs a detail. At the same time as the acquisition, SBI VC Trade president Tomohiko Kondo joined bitbankโs board of directors, while bitbank CEO Noriyuki Hirosue went to SBI VC Trade as an outside director. The boards of the two exchanges will place people in each otherโs organizations. The integration intent is written very clearly.
Thereโs another layer, too. bitbank is one of Japanโs most active venues for XRP trading. When I wrote this, XRP/yen had 5.82 million XRP traded in the past 24 hours. SBI is also one of Rippleโs earliest partners in Asia and is pushing RLUSD and its own yen stablecoin, JPYSC. This acquisition effectively pulls Japanโs busiest XRP venue into Rippleโs camp.
Why now. Japanโs regulation is making room for consolidation among licensed firms, and the market is still discussing unifying taxation of crypto gains at 20%. Licenses are valuable, scale is valuable. Small exchanges that only have licenses arenโt worth much. SBIโs calculations are straightforward.
SBI says the impact of this deal on its fiscal performance for the year ending March next year will be minimal. Its crypto business itself isnโt small: for the fiscal year ending March of this year, crypto revenues were 89.6 billion yen (about $570 million), up 10.9% year over year.
When I wrote this, the four BTC price sources were between $84,672 and $84,689, with a drop of about 1.9% over the past 24 hours. ETH is at 2,684.
When traditional finance buys a licensed exchange, itโs aiming for the entry and exit pointsโaccounts, licenses, and stablecoin flows. This line in Japan has just been closed up. Next, itโll be about SBI taking bitbankโs 960,000 users and using them to promote RLUSD and the yen stablecoin.
$BTC $ETH #ไธญๆฌ่ชๅฝ้
็คพๅบBaoluoๅธๅ่ตๆฌ #ๅ ๅฏ่ดงๅธ #SBI