SBI Group Acquires Bitbank for $289M, Becoming Japan’s Largest Cryptocurrency Player

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SBI Group announced the acquisition of Bitbank for 467 billion yen ($289 million), a major development in cryptocurrency exchange news. The transaction establishes SBI as Japan’s leading player in the crypto industry, with custody assets exceeding 100 billion yen ($620 million). SBI will acquire shares from individual investors in August, followed by shares from Mixi and Ceres by late October. Combined with SBI VC Trade’s data, the merged entity will manage 2.92 million accounts and 110 billion yen in custody assets.

According to Nikkei News, SBI Group has announced the acquisition of Japanese cryptocurrency exchange Bitbank for 46.7 billion yen ($289 million). Following this acquisition, SBI’s total cryptocurrency custodial balance is expected to exceed 1 trillion yen (~$6.2 billion), making it the largest crypto business in Japan. SBI Holdings’ subsidiary will acquire Bitbank shares from founders and other individual shareholders in August, after which Bitbank will acquire shares held by existing shareholders Mixi and Ceres by the end of October. Combined with SBI VC Trade’s account data as of April, the merged entity will have approximately 2.92 million accounts and total custodied assets of about 1.1 trillion yen. SBI Holdings disclosed in May that it was engaged in capital and business cooperation negotiations regarding the subsidiary incorporation of Bitbank.

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