SBI buys Bitbank for $289 million as Japan's crypto market consolidates

Japanese financial giant SBI Holdings acquired crypto exchange Bitbank for $289 million, the latest in a wave of consolidation as tougher regulations make it harder for standalone exchanges to compete.

• SBI paid $289 million for Bitbank, which holds $3.5 billion in assets under custody and has 960,000 accounts.
• The deal doubles SBI's crypto custody to roughly 1.1 trillion yen across 2.9 million accounts.
• Japan's stricter crypto rules are driving consolidation, with Architect Partners calling bitFlyer the 'next obvious domino'.
• Crypto M&A has hit 144 deals worth $11.8 billion globally so far in 2026, per Architect Partners data.

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