Japanese financial services giant SBI Holdings said it has agreed to buy cryptocurrency exchange Bitbank for around $289 million.
The Tokyo-based bank first floated the idea early last month, framing it as part of a broader strategy to expand its cryptocurrency business ahead of potential regulatory developments in Japan. Bought crypto exchange Bitpoint in 2022.
Japan is in the process of including cryptocurrencies under the umbrella of financial products as authorized by the Financial Instruments and Exchange Act, which applies to stocks and other securities. This could come into effect from the beginning of the next fiscal year.
Bitbank is among Japan’s top 10 crypto exchanges by trading activity, according to CoinGecko, processing a 24-hour volume of just under $50 million. Competitors such as Toobit, CoinW, Kraken and Bitmart process more than $1 billion.
SBI said the acquisition, which is subject to regulatory approval, will close in October in a statement on Thursday.
