SBI Holdings Makes $289M Play for Japan's Bitbank Crypto Exchange

SBI Holdings has made its biggest move yet in Japan's cryptocurrency sector with its planned $289 million acquisition of licensed crypto exchange Bitbank.

The deal, which further strengthens SBI's position in Japan's rapidly evolving digital asset market, highlights the financial giant's long-term strategy of expanding through mergers and acquisitions rather than relying on organic growth.

SBI has steadily consolidated its crypto operations over the past several years, integrating TaoTao in 2020, acquiring DMM Bitcoin's customer accounts and custody assets in 2024, and absorbing Bitpoint Japan earlier this year after taking full ownership of the exchange in 2023.

The acquisition gives SBI access to valuable regulated infrastructure, including a Financial Services Agency-licensed exchange, one of Japan's largest altcoin liquidity pools, and Japan Digital Asset Trust, an institutional crypto custody business.