The acquisition aims to consolidate SBI’s crypto infrastructure, including trading and stablecoin operations, amid regulatory clarity in Japan.
SBI will acquire Bitbank in a $289M deal, creating Japan’s largest cryptocurrency exchange by trading volume. Bitbank’s volume has remained below $50 million for most of the past four months, according to data tracked by CoinGecko.
The move follows SBI’s recent expansion into crypto infrastructure, including the launch of the yen-pegged stablecoin JPYSC and the dollar-backed Ripple USD (RLUSD). Both stablecoins were introduced via SBI VC Trade, with RLUSD approved under Japan’s regulatory framework for foreign-issued tokens.
SBI has also partnered with Startale Group to develop Strium, a blockchain supporting 24/7 trading and settlement of tokenized assets. The deal underscores Japan’s growing role in regulated crypto markets.