SBI acquires Japan's third-largest crypto exchange Bitbank for $289 million, creating the largest crypto custody group in Japan.
Ecosystem ·
SBI, a Japanese financial group, announced an acquisition of Bitbank, a crypto asset exchange, for ¥46.7 billion ($289 million). Upon deal completion, Bitbank will operate as a consolidated subsidiary of SBI, integrating the two entities' custody operations and regulatory oversight.
The transaction is positioned to create Japan's largest crypto custody group. The combined organization's total assets under custody are expected to reach approximately ¥1.1 trillion ($6.2 billion), surpassing competitors in the country's crypto industry. This represents a significant consolidation within Japan's exchange and custody landscape.
The announcement does not specify a timeline for closing the deal or detail the specific terms beyond the purchase price and projected combined custody assets. Regulatory approval requirements and integration plans remain unaddressed in the available information.