Japanese financial conglomerate SBI Holdings plans to acquire a stake in Bitbank, one of the country’s largest crypto exchanges.
The Tokyo-based broker has submitted a letter of intent to Bitbank Co., Ltd. concerning the purchase of shares of the stock exchange with the aim of making it a consolidated subsidiary, according to a press release published Friday.
SBI frames Bitbank’s move as part of its broader strategy to expand its crypto footprint and strengthen its position ahead of possible regulatory changes in Japan.
Japan’s cabinet approved a draft amendment last month that would classify cryptocurrencies as financial products, bringing crypto assets under the Financial Instruments and Foreign Exchange Act, which is used for stocks and other securities. If passed during the current legislative session, the law could take effect as early as fiscal year 2027.
SBI has already absorbed Bitpoint, a regulated Japanese cryptocurrency exchange that offers spot trading and offered an on-chain bond from which investors can receive XRP rewards.
The move also comes as part of a broader regional expansion by SBI, which in February revealed plans to acquire a majority stake in Coinhako, a Singapore-based MAS-regulated digital assets platform.
SBI has also started a Visa partnership to launch credit cards that automatically convert spending rewards into crypto (BTC, ETH or XRP), allowing users to accumulate digital assets through everyday purchases, according to a separate announcement on Friday.
