SBI eyes Bitbank deal as Japan’s crypto exchange market consolidates
SBI Holdings is in discussions to make Bitbank a subsidiary, adding to its push to acquire crypto exchanges amid improving regulatory clarity in Japan.
Tokyo-based SBI Holdings has opened talks to acquire shares in cryptocurrency exchange Bitbank and make it a consolidated subsidiary, extending its push to consolidate regulated crypto trading platforms in Japan as the country moves toward securities-style rules for digital assets.
The financial conglomerate said Friday it is considering a share acquisition as part of a potential capital and business alliance with Bitbank. The deal remains subject to due diligence, negotiations and internal approvals, SBI said.
The talks come a month after SBI VC Trade absorbed Bitpoint Japan on April 1, with SBI VC Trade becoming the surviving company. A Bitbank acquisition would give SBI a larger position in Japan’s crypto exchange market at a time when policymakers are preparing to bring crypto assets under the Financial Instruments and Exchange Act.