SBI Holdings has signed an agreement to acquire Japanese crypto exchange Bitbank for 46.7 billion yen (around $289 million). Once the deal closes, SBI will hold 100% indirect control over the platform and become Japan's largest crypto exchange by assets under custody, the company said on June 25.
How the deal works
SBI's wholly owned subsidiary SBICAH will purchase shares directly from Bitbank founder and CEO Noriyuki Hirosue and other shareholders. SBICAH will also subscribe to a new share allotment under a third-party allotment scheme. Bitbank will then buy back stakes currently held by MIXI and Ceres. After all three steps complete, SBI will hold 100% indirect control over the exchange.
The deal was first disclosed in May 2026, when SBI announced talks with Bitbank. On Thursday, June 25, both parties confirmed the signing and set a closing timeline. The transaction is expected to close in October 2026, subject to regulatory clearance. SBI said the acquisition opens new distribution channels for stablecoins, tokenized assets, and onchain financial products.
Scale of the combined entity
By SBI's calculations, merging Bitbank with SBI VC Trade will give the group about 1.1 trillion yen ($7.3 billion) in assets under custody and 2.92 million crypto accounts, based on figures from the end of April 2026. That puts it first among Japanese crypto exchanges by assets and among the largest by client count.
Bitbank's trading volumes remain modest. CoinGecko data shows daily volume has stayed below $50 million for the past four months. The Bitcoin-to-yen pair accounts for 39.5% of activity, while XRP/JPY and Ethereum/JPY each make up 19.7%. For SBI, Bitbank's licensed status and established client base matter more than its current trading turnover.
Combining the two platforms gives SBI a ready distribution channel for the products it is already building, from tokenized equities to proprietary stablecoins. Building that user base from scratch would cost far more time and money.
JPYSC, RLUSD and Strium
The Bitbank acquisition fits into a broader sequence. In February 2026, SBI and Startale Group launched Strium, a layer-1 blockchain for around-the-clock trading of tokenized equities and real-world assets. Around the same time, SBI began building its own stablecoin stack.
On Wednesday, SBI VC Trade launched JPYSC, a yen-pegged stablecoin issued by SBI Shinsei Trust Bank. At launch, JPYSC is restricted to transfers between accounts on the platform. Public circulation on an open blockchain will follow once outstanding legal and tax questions are resolved.
The same day, Ripple's dollar-backed Ripple USD (RLUSD) went live in Japan through SBI VC Trade. The token received approval under Japan's regulatory framework for foreign-issued stablecoins and is available to both institutional and retail customers from day one.
Japan's crypto market after the deal
Japan has built one of the most detailed crypto regulatory frameworks in the world over the past several years. SBI moved into that space early: SBI VC Trade, then Strium, now Bitbank. The acquisition fills a clear gap and gives the group a second major trading platform.
After October 2026, SBI will run crypto trading, its own blockchain, two stablecoins, and a tokenized asset platform under one structure. No other regulated participant in the Japanese market has put together that full a digital finance stack.
The next step is regulatory clearance and an October close. After that, the two platforms will begin technical integration and joint product development.
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