SBI Holdings signed an agreement on June 25, 2026 to acquire Bitbank, a Tokyo-based crypto exchange, for JPY 46.7 billion (approximately $300 million) through its wholly owned subsidiary SBI Crypto Asset Holdings GK. The acquisition aims to expand SBI's crypto business footprint in Japan by combining Bitbank's user base and trading infrastructure with its existing SBI VC Trade platform. The transaction requires clearance from Japan's Fair Trade Commission before it can officially close, with the combined entity expected to hold approximately JPY 1.1 trillion (roughly $7 billion) in crypto assets under custody and serve approximately 2.92 million crypto asset accounts based on figures as of April 30, 2026.
SBI Holdings Structures JPY 46.7 Billion Bitbank Acquisition Through Subsidiary
The deal structure involves a combination of share purchases and new share issuance. Bitbank will use funds from the capital increase to acquire treasury shares from MIXI and CERES. Once these steps are completed, SBI is expected to indirectly hold 100% of Bitbank's voting rights through its subsidiary SBI Crypto Asset Holdings GK. The transaction cannot close until Japan's Fair Trade Commission completes its review of the business combination.
SBI already operates its own exchange, SBI VC Trade. According to SBI's filing, "Upon completion of the transaction, based on a simple aggregation of the figures of SBI VC Trade and Bitbank as of April 30, 2026, the Company Group is expected to have approximately JPY 1.1 trillion in assets under custody and approximately 2.92 million crypto asset accounts."
Bitbank Maintains Zero Hacking Record Since 2014 Founding
Bitbank has operated out of Tokyo since its founding in 2014 and has maintained zero hacking incidents since establishment, according to SBI's filing. The exchange's financial performance has fluctuated with market conditions. Net sales increased from JPY 3.86 billion in 2023 to JPY 7.95 billion in 2024, then decreased to JPY 5.82 billion in 2025. Operating income showed similar volatility, recording a JPY 2.80 billion gain in 2024 followed by a JPY 970 million loss in 2025.
Combined Platform Expected to Rank First in Japan by Assets Under Custody
SBI stated that the combined operations of SBI VC Trade and Bitbank, referred to as the "Company Group" following completion of the transaction, are expected to achieve a leading position in Japan's domestic crypto market. According to the company's filing, "Among domestic crypto asset exchange service providers, the Company Group is expected to rank first in terms of assets under custody and to be among the top class in terms of number of accounts."
Beyond scale, SBI identified stablecoins and on-chain finance as key areas it intends to develop using the combined platform.
Deal Targets August 2026 First Phase and October 2026 Completion
The transaction timeline targets the first phase of the deal to occur around August 2026, with full completion targeted for October 2026. Completion is contingent on receiving Fair Trade Commission approval and satisfying other closing conditions outlined in the agreement.
FAQ
What did SBI Holdings announce on June 25, 2026?
SBI Holdings signed an agreement on June 25, 2026 to acquire Bitbank for JPY 46.7 billion (approximately $300 million) through its wholly owned subsidiary SBI Crypto Asset Holdings GK.
What regulatory approval does the SBI-Bitbank deal require?
The transaction requires clearance from Japan's Fair Trade Commission before it can officially close. The deal cannot proceed until this regulatory review is completed.
How many crypto asset accounts will the combined SBI-Bitbank platform serve?
Based on figures as of April 30, 2026, the combined entity is expected to serve approximately 2.92 million crypto asset accounts and hold approximately JPY 1.1 trillion in assets under custody.
