SBI Holdings Expands Crypto Push With $289M Bitbank Acquisition Deal

Japanese financial services heavyweight SBI Holdings is moving deeper into the cryptocurrency sector after agreeing to acquire local crypto exchange Bitbank in a deal valued at approximately $289 million.

The Tokyo-based company said the acquisition aligns with its broader plan to grow its digital asset operations as Japan prepares for potential regulatory changes that could bring cryptocurrencies under the same legal framework as traditional financial products.

SBI had previously signaled interest in expanding its crypto footprint and has already made moves in the sector, including its purchase of crypto exchange Bitpoint in 2022. The latest deal gives SBI control of one of Japan’s more active cryptocurrency trading platforms.

Bitbank currently ranks among Japan’s top crypto exchanges by trading volume, handling nearly $50 million in daily transactions. The platform has built a strong presence among local traders as the country’s crypto market continues to evolve.

Japan is considering placing digital assets under the Financial Instruments and Exchange Act, which governs stocks and other securities. If implemented, the regulatory shift could introduce stricter oversight while potentially increasing institutional participation in the crypto industry.

SBI said the Bitbank acquisition remains subject to regulatory approval and is expected to be completed in October, marking another major step in Japan’s push toward integrating crypto into its financial ecosystem.