SBI Holdings to Acquire Bitbank Exchange

SBI Holdings has announced plans to acquire Japanese cryptocurrency exchange Bitbank in a deal worth approximately $289 million. The transaction is expected to close in October, subject to regulatory approval.

The Tokyo-based financial group first revealed its intention to acquire Bitbank early last month. At the time, the company said the move was part of its broader strategy to expand its cryptocurrency business ahead of anticipated regulatory changes in Japan. This follows SBI's acquisition of crypto exchange Bitpoint in 2022.

Japan is currently working on a new regulatory framework that would classify cryptocurrencies under the country's financial instruments laws. The proposed rules would fall under the Financial Instruments and Exchange Act, which already governs stocks and other securities. The new legislation could take effect at the beginning of the next fiscal year.

According to data from CoinGecko, Bitbank ranks among the ten largest cryptocurrency exchanges in Japan by trading volume. Over the past 24 hours, the platform processed nearly $50 million in trading activity.

The acquisition marks another step in SBI Holdings' long-term expansion in the digital asset sector. After purchasing Bitpoint in 2022, the company is now further strengthening its presence in Japan's cryptocurrency market as the country prepares to introduce a new regulatory framework.