SBI Holdings has entered formal negotiations to acquire Bitbank, a prominent Japanese cryptocurrency exchange, as part of an aggressive expansion strategy in the digital asset sector. The deal would involve purchasing shares after due diligence and regulatory approvals, with the goal of making Bitbank a consolidated subsidiary of SBI.
The acquisition talks come on the heels of SBI Group's merger with Bitpoint Japan through SBI VC Trade in April 2026, signaling a rapid consolidation trend in Japan's crypto exchange market. Bitbank had previously been preparing for an initial public offering on the Tokyo Stock Exchange, potentially shelving those plans if the transaction is finalized.
Bitbank has built a strong reputation with zero hacking incidents since launch and has expanded into crypto-linked payments. The exchange launched the "EPOS Crypto Card for Bitbank" in partnership with EPOS Card, the fintech arm of Marui Group, allowing users to settle monthly credit card bills using bitcoin balances. The card also offers 0.5% cashback in bitcoin, ether, or Aster, making it the first in Japan to enable credit card bill settlement directly from crypto exchange balances.
Bitbank had previously raised approximately 7 billion yen through a capital and business alliance with Mixi in 2021, making Mixi a major shareholder with a 26.2% stake. The SBI proposal now raises questions about Bitbank's listing plans and future ownership structure.
This consolidation wave coincides with Japan's broader regulatory review of how crypto assets fit under the Financial Instruments and Exchange Act, which may bring tighter rules for exchanges and crypto investment products.
