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SBI Holdings eyes stake in crypto exchange Bitbank to build digital asset powerhouse
TL;DR
SBI Holdings plans to acquire a stake in Bitbank, a major Japanese crypto exchange, to enhance its digital asset strategy. This move aligns with anticipated regulatory changes in Japan that could classify cryptocurrencies as financial products.
Key points
- SBI Holdings plans to acquire a stake in Bitbank
- Bitbank is one of Japan's largest crypto exchanges
- SBI aims to strengthen its crypto position ahead of regulatory changes
- Japan may classify cryptocurrencies as financial products
- SBI has previously acquired Bitpoint, a regulated exchange
Mentioned in this story
SBI HoldingsBitbankBitpointJapan
Japanese financial conglomerate SBI Holdings plans to acquire a stake in Bitbank, one of the country’s largest crypto exchanges.
The Tokyo-based broker submitted a letter of intent to Bitbank Co., Ltd. regarding the purchase of the exchange’s shares with the goal of turning it into a consolidated subsidiary, according to an announcement on Friday.
SBI frames the Bitbank move as part of its broader strategy to expand its crypto footprint and strengthen its position ahead of potential regulatory changes in Japan.
Japan’s cabinet approved a draft amendment last month that would classify cryptocurrencies as financial products, bringing crypto assets under the Financial Instruments and Exchange Act, which is used for stocks and other securities. If passed during the current parliament session, the law could take effect as early as fiscal 2027.
SBI already absorbed Bitpoint, a regulated Japanese crypto exchange that offers spot trading and has offered an onchain bond from which investors can receive rewards in XRP.
The move is also part of SBI’s broader regional expansion push, having disclosed plans to acquire a majority stake in Singapore-based Coinhako, a MAS-regulated digital asset platform in February.
SBI has also commenced a Visa partnership to launch credit cards that automatically convert spending rewards into crypto (BTC, ETH, or XRP), enabling users to accumulate digital assets through everyday purchases, according to a separate announcement on Friday.
Q&A
What is SBI Holdings planning with Bitbank?
SBI Holdings intends to acquire a stake in Bitbank to turn it into a consolidated subsidiary as part of its strategy to expand in the crypto market.
How will Japan's regulatory changes affect cryptocurrency exchanges?
Japan's proposed regulatory changes aim to classify cryptocurrencies as financial products, which could impact how exchanges like Bitbank operate under the Financial Instruments and Exchange Act.
What other crypto exchanges has SBI Holdings acquired?
SBI Holdings has previously absorbed Bitpoint, another regulated Japanese crypto exchange, as part of its efforts to strengthen its presence in the cryptocurrency sector.
