SBI Holdings, a prominent Japanese financial group, is set to acquire shares in Bitbank, a major crypto exchange in Japan. The Tokyo-based company has issued a letter of intent to Bitbank Co., Ltd., with the objective of establishing Bitbank as a consolidated subsidiary, as per an announcement made on Friday.
This acquisition aligns with SBI’s strategy to broaden its cryptocurrency operations and bolster its market position in anticipation of potential regulatory shifts in Japan. Recently, Japan’s cabinet sanctioned a proposed amendment classifying cryptocurrencies as financial products under the Financial Instruments and Exchange Act, akin to stocks and securities. If enacted during this parliamentary session, it could be implemented by fiscal 2027.
SBI’s acquisition follows its previous integration of Bitpoint, a compliant Japanese crypto exchange that facilitates spot trading and has issued an onchain bond providing XRP rewards to investors.
The initiative is also part of SBI’s regional expansion efforts, following the February announcement of its intent to acquire a controlling interest in Coinhako, a digital asset platform regulated by MAS based in Singapore. Additionally, SBI recently revealed plans for a Visa collaboration aimed at issuing credit cards that convert spending rewards into cryptocurrencies like BTC, ETH, or XRP, allowing users to accrue digital assets through regular transactions, as stated in a separate Friday announcement.