SBI Holdings Acquires Bitbank
SBI Holdings has successfully finalized its acquisition of Bitbank, transforming the Japanese cryptocurrency exchange into its completely owned subsidiary. The major transaction culminated on October 1, when the last share purchases were executed. According to Bitbank’s announcement, this milestone marks the conclusion of a series of share repurchases from key shareholders, including MIXI and Ceres, aligning with earlier agreements established with SBI Holdings throughout this year.
Significance of the Transition
The transition is significant for both entities, especially with Bitbank ensuring that its range of services will remain unchanged for customers, maintaining the same operational environment post-acquisition. This ownership shift emerges from lengthy discussions, which began when SBI and Bitbank publicly announced their negotiations for a capital and business partnership in May. By June, SBI’s board had greenlit a definitive acquisition, facilitating the transaction through its subsidiary, SBICAH GK.
Details of the Acquisition
Valued at approximately ¥46.7 billion, the deal involved a multi-step plan. Initially, SBICAH GK was designated to procure 53,704 shares from Bitbank’s CEO, Noriyuki Hirosue, and other shareholders, followed by the issuance of 48,952 new shares to the SBI subsidiary through a third-party allotment. This mechanism was designed to underpin Bitbank’s stock repurchase from MIXI and Ceres, which finally concluded on October 1, officially leaving SBI Holdings at the helm of Bitbank.
Commitment to Customers
Bitbank had previously assured its clients that the ownership switch would not impact their trading experience, and this commitment was reiterated upon the closure of the deal. The origins of this acquisition trace back to Bitbank’s earlier ambitions for a public listing in Japan and its evolving relationship with MIXI, a partnership dating back to 2021.
Management Changes
In conjunction with the change in ownership, Bitbank has welcomed a revamped management team, incorporating senior members from SBI’s crypto exchange activities. Tomohiko Kondo, who has been leading SBI VC Trade since June 2023, will join Bitbank’s board as a director, while Hirosue continues as its president and CEO, with plans to also contribute as an outside director at SBI VC Trade. The management reshuffle also included the departure of three previous outside directors to accommodate the new structure.
Future Plans and Innovations
To enhance its digital trading operations, Bitbank plans to leverage SBI Group’s financial infrastructure, extensive customer network, and overall management resources. Despite the ownership integration, both Bitbank and SBI VC Trade will continue to function under their respective operational frameworks. Prior to this acquisition, SBI VC Trade had already been expanding its footprint in Japan’s crypto landscape, subsequently assimilating Bitpoint Japan into its operations in April 2026.
SBI has been actively pursuing innovations within the cryptocurrency domain, including ventures into stablecoins and institutional transactions. In June, SBI VC Trade launched Ripple USD in Japan, targeting both retail and institutional clients. Concurrently, SBI is working on its yen-based stablecoin projects while exploring international crypto transactions and infrastructure enhancements outside Japan. This includes a notable $76 million funding round led by SBI for EDX Markets, aimed at bolstering its trading capabilities and technology.
Conclusion
With its established presence in the digital asset marketplace, Bitbank adds depth to SBI’s expanding crypto operations. The exchange continues to provide various services, including the EPOS Crypto Card, which enables users to pay monthly credit card bills using Bitcoin held through Bitbank. As the newly formed management board settles in, the focus will remain on utilizing resources from SBI Group to enhance Bitbank’s service offerings and customer engagement in the digital asset ecosystem.
