Japan's SBI Group is expanding its cryptocurrency business by acquiring Bitbank in a deal worth approximately $289 million. The acquisition will bring SBI Group's crypto assets under custody to over 1 trillion yen, making it Japan's largest digital-asset operator.
The transaction involves an SBI Holdings subsidiary purchasing shares from Bitbank's founder and other individual shareholders in August. After the acquisition, Bitbank plans to repurchase stakes held by existing shareholders Mixi and Ceres by the end of October.
The deal is expected to significantly expand SBI Group's crypto business, with combined account data from SBI VC Trade showing around 2.92 million accounts and roughly 1.1 trillion yen in assets under custody as of April.