SBI Holdings to Acquire Stake in Bitbank, Aiming to Integrate as Subsidiary

According to Huoxing Finance, Japanese financial giant SBI Holdings is in negotiations to acquire shares of the cryptocurrency exchange Bitbank with the aim of making it a consolidated subsidiary. SBI’s Chairman and President, Yoshitaka Kitao, stated that the company has submitted a letter of intent and has begun discussions with Bitbank regarding capital and business collaboration. The exact timing and structure of the acquisition will be determined after due diligence and internal procedures are completed. Bitbank is one of Japan’s leading domestic cryptocurrency exchanges and has never experienced a hack since its founding in 2014, with security as its core selling point. As cryptocurrency assets are gradually brought under Japan’s Financial Instruments and Exchange Act, SBI believes that integrating Bitbank into its group will strengthen its position in Japan’s crypto market. This move comes as SBI continues to consolidate its existing crypto exchange, SBI VC Trade. Last month, SBI merged another exchange, Bitpoint Japan, into this division to streamline operations and enhance profitability. Earlier this week, Bitbank also launched Japan’s first cryptocurrency-linked credit card, allowing users to pay bills using assets such as Bitcoin based on their exchange holdings, while offering a 0.5% crypto cashback on purchases.