SBI Holdings, a Japanese financial services firm, has announced plans to acquire Bitbank, a domestic crypto exchange, as part of its efforts to consolidate its position in the country's digital asset market.
The acquisition is expected to bring about significant changes for Bitbank, which had previously planned to list on the Tokyo Stock Exchange through an initial public offering (IPO) in mid-2025.
Bitbank has maintained a stable reputation since its launch, having avoided any major security breaches. The exchange has been successful in raising funds, with a 7 billion yen deal with Mixi giving the latter a 26.2% stake in 2021.