Japanese financial services giant SBI Holdings said it has agreed to buy cryptocurrency exchange Bitbank for around $289 million.
The Tokyo-based bank first floated the idea early last month, framing it as part of a broader strategy to grow its crypto business ahead of potential regulatory developments in Japan. He purchased the crypto exchange Bitpoint in 2022.
Japan is in the process of bringing cryptocurrencies under the umbrella of financial products, as permitted by the Financial Instruments and Foreign Exchange Law, which applies to stocks and other securities. This could take effect from the start of the next financial year.
Bitbank is among Japan’s 10 largest crypto exchanges in terms of trading activity, according to CoinGecko, processing a 24-hour volume of just under $50 million. Competitors such as Toobit, CoinW, Kraken and Bitmart all process over $1 billion.
SBI said the acquisition, which is subject to regulatory approval, is expected to be completed in October in a statement on Thursday.
