The deal will combine $6.8 billion in assets and 2.92 million accounts, pending regulatory approval by October.
SBI Holdings will purchase Tokyo-based cryptocurrency exchange Bitbank for approximately $289 million, or 46.7 billion yen. The acquisition aims to create Japan’s largest crypto exchange by asset value once completed.
The combined entity will hold $6.8 billion in assets and serve 2.92 million accounts, integrating Bitbank’s infrastructure with SBI’s existing crypto operations. The deal involves share purchases from individual and corporate shareholders, including MIXI Inc. and Ceres Inc.
Regulatory clearance from Japan’s Fair Trade Commission is required, with an expected closing date around October. SBI’s board approved the transaction on Thursday.