SBI Leads Japan Custody
SBI Holdings completes acquisition of Bitbank to become Japan's leading crypto custodian.
Anonymous
Key Points
1
The acquisition process began in May 2026, when SBI sent Bitbank a letter of intent and opened partnership and investment discussions; SBI announced Basic and Share Transfer Agreements on June 25.
2
SBICAH’s staged purchase included buying 53,704 existing shares from Bitbank founder Noriyuki Hirosue and other individual shareholders, then subscribing for 48,952 newly issued shares; Bitbank used the proceeds to buy out MIXI and Ceres.
3
Bitbank contributed about ¥570 billion in assets under custody and nearly one million accounts to the combined group; Architect Partners said the purchase was driven more by scaling amid regulatory pressure than by immediate profitability.
4
Three outside directors—Satoshi Takagi, Nobuhiro Kanayama and Masaya Kubota—left Bitbank’s board as part of the ownership transition.
SBI Holdings completed its ¥46.7 billion ($289 million) acquisition of Bitbank on October 1, making the Japanese crypto exchange a wholly owned subsidiary. Cryptopolitan reports the combined businesses now control about ¥1.1 trillion in digital assets under custody—making SBI Japan's leading exchange operator by this measure.
The deal marks a major consolidation move in Japan's crypto market, where Crypto-Economy says regulatory compliance costs are squeezing independent operators. Bitbank customers can continue using the platform normally while tapping SBI's resources and liquidity infrastructure.
How SBI Structured the Three-Part Purchase
SBI's subsidiary SBICAH bought the deal in stages. CryptoNews explains the structure: SBICAH purchased 53,704 existing shares from founder Noriyuki Hirosue and other shareholders, then subscribed for 48,952 newly issued shares. Bitbank used the proceeds to buy back stakes from investors MIXI and Ceres.
The process began in May 2026 when SBI sent a letter of intent. On June 25, both companies announced Basic and Share Transfer Agreements, setting the stage for the October 1 completion.
Bitbank Brings Nearly 1 Million Accounts to SBI
Bitbank contributed roughly ¥570 billion in assets under custody and nearly one million customer accounts to the combined group. The Globe and Mail reports this gives SBI a dominant position in Japan's digital asset custody space with 2.92 million total accounts.
CryptoTimes notes the acquisition was driven more by scaling amid regulatory pressure than by immediate profits. Japan's compliance costs are forcing smaller operators to consolidate or exit the market.
Management Shuffle Links the Two Companies
SBI and Bitbank linked their leadership teams to integrate operations. SBI VC Trade chief Tomohiko Kondo joined Bitbank's board, while Bitbank CEO Noriyuki Hirosue took an outside-director role at SBI VC Trade. Three outside directors—Satoshi Takagi, Nobuhiro Kanayama, and Masaya Kubota—left Bitbank's board during the transition.
Sentiment
Mostly PositiveNEGATIVENEUTRALPOSITIVE
Publishers
13
Articles
2
Reach
15
A
AnonymousAuthor
