SBI Holdings to buy Japan’s Bitbank for $289 million

SBI Holdings has agreed to acquire Japanese cryptocurrency exchange Bitbank for $289 million, the companies said. No closing date was provided and the transaction will proceed subject to customary regulatory approvals in Japan.

SBI, a Tokyo-based financial services group, will take ownership of Bitbank, which serves retail and institutional customers in Japan and operates under the country’s registration framework for virtual asset service providers.

The companies did not disclose additional financial terms, the identities of the sellers or any planned changes to Bitbank’s management or staff. Further information will be provided after regulatory filings are completed and closing conditions are met, the firms added.

Under Japanese law, crypto exchanges must be registered with the Financial Services Agency and meet operational and security standards. The transaction will undergo the agency’s review and other routine compliance checks that apply to transfers of regulated crypto platforms.

Bitbank began as a cryptocurrency trading platform and has operated under Japan’s virtual asset rules since exchanges were required to register and meet enhanced standards following past industry incidents. After the acquisition closes, Bitbank will become part of SBI’s existing fintech and digital asset operations.