Japanese financial conglomerate SBI Holdings plans to acquire a stake in Bitbank, one of the country’s largest crypto exchanges.
The Tokyo-based broker submitted a letter of intent to Bitbank Co., Ltd. regarding the purchase of shares of the exchange with the goal of turning it into a consolidated subsidiary, according to an announcement on Friday.
SBI frames Bitbank’s move as part of its broader strategy to expand its crypto footprint and strengthen its position ahead of potential regulatory changes in Japan.
Japan’s cabinet approved a draft amendment last month that would classify cryptocurrencies as financial products, including cryptoassets under the Financial Instruments and Exchange Act, which is used for stocks and other securities. If passed during the current session of parliament, the law could come into force as early as fiscal year 2027.
SBI has already absorbed Bitpoint, a regulated Japanese crypto exchange that offers spot trading, and has offered an on-chain bonus from which investors can receive rewards in XRP.
The move is also part of SBI’s broader regional expansion drive, having in February revealed plans to acquire a majority stake in Singapore-based Coinhako, a MAS-regulated digital asset platform.
SBI also entered into a partnership with Visa to launch credit cards that automatically convert spending rewards into cryptocurrencies (BTC, ETH or XRP), allowing users to accumulate digital assets through daily purchases, according to a separate announcement on Friday.
