Japan's Crypto Power Play
SBI Holdings Plans Full Bitbank Acquisition for $289 Million, Targets Japan's Largest Crypto Market Share
Anonymous
Key Points
1
Bitbank founder Noriyuki Hirosue will transfer his shares to SBI's SBICAH, with other Bitbank shareholders also selling, as the first step toward 100% indirect SBI ownership.
2
Bitbank's daily trading volume has been under $50 million, with BTC/JPY accounting for about 39.5% of trades and XRP/JPY and ETH/JPY each around 19.7%.
3
SBI is expanding its crypto infrastructure with Strium, a layer-1 blockchain designed to support around-the-clock trading and settlement of tokenized equities and real-world assets.
4
The yen-pegged stablecoin JPYSC has been launched, with the token issued by SBI Shinsei Trust Bank.
5
Bitbank has stated there will be no immediate changes to brand, trading operations, account access, or customer terms as the takeover proceeds.
SBI Holdings has agreed to buy 100% of Japanese crypto exchange Bitbank in a deal worth 46.7 billion yen — roughly $289 million — making Bitbank a wholly owned subsidiary of the financial giant, according to Cryptopolitan. The deal would give SBI control over a combined platform with 2.92 million crypto accounts and about 1.1 trillion yen ($6.8 billion) in assets under custody.
Once complete, SBI would rank as Japan's largest regulated crypto operator, surpassing rivals bitFlyer and Coincheck, FinanceFeeds reported. Closing is expected around October 2026, pending regulatory clearance from Japan's Fair Trade Commission.
How the $289 Million Takeover Actually Works
The deal happens in stages. First, Bitbank founder Noriyuki Hirosue and individual shareholders transfer their shares to SBICAH GK, a wholly owned SBI subsidiary, according to Crypto Times. That gives SBI its initial ownership stake.
Next, Bitbank raises fresh capital. Then Bitbank buys back shares from its two largest corporate holders: MIXI, Inc., which owns 26.2%, and CERES INC., which owns 22.4%. Once those buybacks close — projected for October 2026 — SBI holds 100% indirectly. Traders Union noted the full structure is designed to satisfy Japanese regulatory requirements at each step.
Bitbank's Users Will Feel No Change — For Now
Bitbank has told customers there will be no immediate changes to its brand, trading platform, account access, or fee terms during the transition. The exchange has operated since 2014 without a single hacking incident — a record Bitbank's leadership called its greatest asset.
Bitbank currently ranks third in Japan by spot trading volume. Its daily turnover runs between $38.3 million and $50 million, according to MEXC. Bitcoin against the yen dominates at 39.5% of trades, with XRP/JPY and ETH/JPY each making up about 19.7%.
SBI's Bigger Bet: Stablecoins and a New Blockchain
The Bitbank deal is one piece of a larger buildout. SBI and Startale Labs launched Strium in February 2026, a Layer-1 blockchain built for 24/7 trading and settlement of tokenized stocks and real-world assets. Think of it as a rail system that never closes, even when traditional stock markets do.
SBI Shinsei Trust Bank launched the JPYSC stablecoin — a yen-pegged digital token — on June 24, 2026, just one day before the Bitbank announcement, according to Crypto Times. Because it is trust-bank-backed, it carries no remittance cap, making it useful for large institutional settlements that smaller stablecoin models cannot handle.
Japan's Crypto Market Is Consolidating Fast Around SBI
SBI has been on an acquisition spree. On April 1, 2026, SBI VC Trade completed its full absorption of Bitpoint Japan, merging customer accounts and trading operations. Adding Bitbank makes SBI the dominant force in Japan's regulated crypto space in a matter of months.
Analysts at Cryptopolitan say regulatory pressure is driving the wave. A 2026 draft amendment to Japan's Financial Instruments and Exchange Act reclassified crypto as financial products, raising compliance costs for standalone exchanges. SBI Chairman Yoshitaka Kitao said the goal is a "dominant position in the domestic crypto asset industry," calling the trend toward token economies "irreversible."
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