SBI Holdings to finalize acquisition of Bitbank by October.
SBI Holdings has announced its intent to acquire Bitbank, a leading cryptocurrency exchange in Japan, for approximately $289 million. This strategic move aims to enhance SBI's cryptocurrency operations amid expected regulatory shifts in Japan.
The Tokyo-based financial giant initially disclosed its acquisition proposal last month, indicating it as part of a broader strategy to navigate an evolving regulatory landscape. SBI previously acquired another crypto exchange, Bitpoint, in 2022.
As Japan prepares to classify cryptocurrencies as financial products under the Financial Instruments and Exchange Act, Bitbank stands out as one of the country's top 10 exchanges by trading volume, processing close to $50 million in daily transactions. However, it faces stiff competition from other exchanges like Toobit, CoinW, Kraken, and Bitmart, which see trading volumes exceeding $1 billion.
