Key takeaways
- SBI makes bold JPY46.7 billion bet to take over Bitbank and expand its crypto footprint.
- The deal still needs regulatory approval before it can be officially concluded.
- If completed, the combined platform could significantly increase SBI’s assets under custody, user base and influence in the Japanese crypto market.
SBI gives up $300 million to take over Bitbank
Japanese financial giant SBI Holdings expands its crypto in Japan with a 46.7 billion JPY (around $300 million) deal to buy Bitbank, one of the country’s best-known exchanges. The deal was signed on June 25, 2026 and the purchase will be processed through SBI. Cryptocurrency Asset Holdings GK (SBICAH), a wholly owned subsidiary of SBI.
The deal is not yet concluded. It still needs approval from the Japan Fair Trade Commission, which reviews business combinations. Until this is clear, the transaction cannot be closed. If finalized, the combined group is expected to hold approximately 1.1 trillion yen (about $7 billion) in crypto assets in custody.
SBI already runs its own exchange, SBI VC Trade. Once Bitbank is integrated, the combined platform could become a major force in the Japanese market. crypto walk. SBI defined the expected scale:
“Upon completion of the transaction, based on a simple aggregation of figures from SBI VC Trade and Bitbank as of April 30, 2026, the Company’s group is expected to have approximately JPY 1.1 trillion in assets under custody and approximately $2.92 million in assets under custody. crypto asset accounts.
Behind the scenes, the deal structure is a mix of stock purchases and new stock issuances. Bitbank will use the funds from the capital increase to acquire own shares of MIXI and CERES. Once these steps are completed, SBI is expected to indirectly hold 100% of the voting rights of Bitbank through its subsidiary.
Bitbank brings users, trading infrastructure and an impeccable security record
Bitbank has been around since 2014 and operates out of Tokyo. One notable detail: It has maintained no hacking incidents since its inception, according to the SBI filing.
Its commercial performance has evolved with the market. Net sales increased from 3.86 billion yen in 2023 to 7.95 billion yen in 2024, then fell to 5.82 billion yen in 2025. Operating income followed the same trend, from a gain of 2.80 billion yen in 2024 to a loss of 970 million yen in 2025.
SBI is betting that combining Bitbank’s user base and trading operations with its own platform will create a larger national crypto group, with the “Group of Companies” referring to the combined operations of SBI VC Trade and Bitbank following the completion of the transaction. The Japanese financial giant noted:
“Among domestic crypto asset exchange service providers, the Company’s group is expected to rank first in terms of assets under custody and among the first in terms of number of accounts.”
Beyond just scale, SBI is also looking at future crypto infrastructure. The company has highlighted stablecoins and on-chain finance as key areas it wants to expand using the combined platform.
If all goes as planned, the first phase of the deal is expected to take place around August 2026, with full completion anticipated for October 2026 following approvals and other closing conditions.
