SBI Holdings to Acquire Bitbank, Potentially Creating Japan's Largest Crypto Exchange
Japanese financial giant SBI Holdings is expanding its crypto footprint with a JPY 46.7 billion (approximately $300 million) deal to acquire Bitbank, one of Japan’s better-known cryptocurrency exchanges. The agreement was signed on June 25, 2026, and will be executed through SBI Crypto Asset Holdings GK, a wholly owned subsidiary.
The transaction remains subject to clearance from Japan’s Fair Trade Commission. If approved, the combined entity—merging Bitbank with SBI’s existing exchange, SBI VC Trade—is expected to hold around 1.1 trillion yen (roughly $7 billion) in crypto assets under custody. The merged platform would also have approximately 2.92 million crypto asset accounts, making it the largest domestic exchange group by custody assets and among the top in account numbers.
Bitbank, founded in 2014 and based in Tokyo, has maintained a clean security record with zero hacking incidents since its inception. Its financial performance has fluctuated with market conditions: net sales rose from 3.86 billion yen in 2023 to 7.95 billion yen in 2024, then fell to 5.82 billion yen in 2025. Operating income swung from a gain of 2.80 billion yen in 2024 to a loss of 970 million yen in 2025.
The deal structure involves a mix of share purchases and new share issuance. Bitbank will use funds from the capital increase to acquire treasury shares from existing shareholders MIXI and CERES. After these steps, SBI is expected to indirectly hold 100% of Bitbank’s voting rights through its subsidiary.
SBI views the acquisition as a strategic move to build out future crypto infrastructure, particularly in stablecoins and on-chain finance. The first phase of the deal is targeted for completion around August 2026, with full closure expected by October 2026, pending regulatory approvals and other conditions.