SBI Acquires Bitbank: Japan's Largest Crypto Custodian Emerges
On June 25, Japanese financial powerhouse SBI Group (SBI Holdings) announced the acquisition of cryptocurrency exchange Bitbank for 46.7 billion yen (approximately $289 million). After the transaction closes, SBI's crypto custody balance is projected to exceed 1 trillion yen (about $6.2 billion), surpassing all competitors and making it the largest crypto business in Japan by assets under management. This move underscores the deepening integration of traditional finance into the digital asset ecosystem and highlights the accelerating consolidation trend in Japan's crypto market.
Acquisition Details and Timeline
According to Nikkei, the acquisition will unfold in two phases. First, an SBI Holdings subsidiary will purchase Bitbank shares from founders and other individual shareholders in August 2026. Subsequently, Bitbank will acquire shares held by its existing shareholders Mixi and Ceres by the end of October 2026. SBI Holdings had disclosed in May that it was negotiating capital and business collaborations regarding the subsidiary of Bitbank, and this official announcement moves those talks into substantive execution. Upon completion, Bitbank will become a wholly-owned subsidiary of SBI Group and will be integrated with SBI VC Trade, the group's existing crypto exchange.
Post-Integration Scale and Market Impact
Combining with SBI VC Trade's account data as of April, the merged entity will serve approximately 2.92 million accounts with total custody assets of around 1.1 trillion yen. This scale positions SBI Group as the dominant player in Japan's crypto exchange market. For retail investors, the integration implies enhanced fund security and a broader product offering. For the industry, the deep fusion of a traditional financial conglomerate with a native crypto exchange may accelerate compliant development under Japan's regulatory framework. As SBI continues to expand its digital asset footprint, the competitive landscape of Japan's crypto market is set to enter a new phase.