SBI to acquire Bitbank in $289M deal, creating Japan's largest crypto exchange

Japanese financial giant SBI Holdings signed a $289M deal to fully acquire crypto exchange Bitbank, combining it with SBI VC Trade to create Japan's largest exchange by assets under custody.

• SBI will pay 46.7B yen ($289M) for full control of Bitbank, closing expected around October
• Combined entity will have ~1.1 trillion yen in assets under custody and 2.92M crypto accounts
• Bitbank's volume is dominated by BTC/JPY (39.5%), XRP/JPY and ETH/JPY pairs
• The deal expands SBI's distribution channel for stablecoins, tokenized assets and onchain products
• SBI recently launched yen stablecoin JPYSC and Ripple USD (RLUSD) in Japan

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