SBI Holdings to Acquire Bitbank
SBI Holdings, a prominent entity in Japan's financial landscape, has announced its plan to acquire the Tokyo-based cryptocurrency exchange Bitbank for approximately 46.7 billion yen, which is about $289 million. This move will transform Bitbank into a wholly owned subsidiary of SBI, significantly enhancing its position in the Japanese crypto market.
The acquisition, approved by SBI’s board, involves negotiations with Bitbank’s CEO Noriyuki Hirosue and its major shareholders, including MIXI Inc. and Ceres Inc., who together own nearly half of the exchange. The transaction will be executed through a newly formed subsidiary of SBI, which will purchase shares directly from individual shareholders and subsequently subscribe to a new issuance of shares from Bitbank. The proceeds from this issuance will enable Bitbank to buy back shares from MIXI and Ceres.
Pending regulatory approval from Japan's Fair Trade Commission, the deal is expected to close around October. Following the merger, SBI anticipates managing around 1.1 trillion yen (approximately $6.8 billion) in assets across its platforms, serving close to 2.92 million accounts, thereby positioning itself as the largest cryptocurrency exchange in Japan by asset value.
