Japanese financial conglomerate SBI Holdings has submitted a letter of intent to acquire shares in cryptocurrency exchange Bitbank, aiming to make it a consolidated subsidiary. The move supports SBI's expansion in digital assets amid Japan's planned regulatory changes for cryptocurrencies. The deal is subject to due diligence, negotiations, and approvals.
Tokyo-based SBI Holdings announced on Friday that it submitted a letter of intent to Bitbank Co., Ltd., for the purchase of shares. The company frames the potential acquisition as part of its strategy to strengthen its position in Japan's cryptocurrency industry ahead of regulatory shifts. SBI said the deal would help establish an 'overwhelming position in the domestic cryptocurrency industry.'Japan's cabinet approved a draft amendment on April 10 to classify cryptocurrencies as financial products under the Financial Instruments and Exchange Act. The change, aimed at enhancing market fairness, transparency, and investor protection, could take effect as early as fiscal 2027 if passed in the current parliamentary session. Currently, crypto assets fall under the Payment Services Act.The proposed Bitbank acquisition follows SBI's absorption of Bitpoint on April 1, where SBI VC Trade became the surviving entity. It also builds on plans disclosed in February for a majority stake in Singapore-based Coinhako and a new Visa partnership for credit cards that convert rewards into cryptocurrencies like BTC, ETH, or XRP.Bitbank ranks as Japan's leading cryptocurrency exchange by Coingecko's trust score and third by daily trading volume, behind bitFlyer and Coincheck. The deal remains preliminary, with SBI noting it is subject to further processes.
