SBI Holdings has officially begun negotiations for a Capital and business partnership with Bitbank Inc. The Japanese financial conglomerate hopes to make Japan's third-largest cryptocurrency exchange a subsidiary.
This announcement was made on May 1, 2026, just weeks after SBI merged SBI VC Trade with Bitpoint Japan. The previous deal significantly expanded SBI's cryptocurrency operations in Japan.
The path to becoming the largest crypto exchange operator in Japan.
If this deal is completed, the SBI group's total volume will surpass bitFlyer and Coincheck. This would make SBI the largest exchange operator in the regulated crypto market in Japan.
Sota Watanabe, CEO of Startale Group, considers this a significant turning point for the crypto industry in Japan.
SBI plans to acquire Bitbank, currently the third-largest crypto exchange in Japan. Upon completion of this transaction, SBI will become the largest crypto exchange in Japan,” he emphasized .
Why did SBI decide to buy at this time?
Japan's crypto sector is trending towards consolidation due to increasingly stringent regulations, requiring larger Capital and higher compliance standards . SBI recorded record profits from its crypto segment, reaching 89.6 billion yen (approximately $560.89 million USD) in the fiscal year ending March 2026.
Recently, SBI launched several new products such as the JPYSC stablecoin Peg to the yen , a crypto-backed mortgage service, and a partnership with Visa.
This acquisition expands CEO Yoshitaka Kitao's plan to integrate traditional finance with blockchain. SBI now holds approximately 9% of Ripple's shares. The SBI Ripple Asia joint venture is actively promoting XRP adoption in the region.
Compliance remains a key focus. The brokerage arm of SBI Securities was penalized in early 2024 for its involvement in IPO stock valuation activities, leading regulators to temporarily halt its approach to new clients.
Bitbank was founded in 2014 and received its license from the Japanese Financial Services Agency in 2017. Since its inception, Bitbank has never experienced a hacking incident.
In 2021, Mixi acquired approximately 26.2% of Bitbank's shares through a joint venture worth about 7 billion yen (equivalent to $46.2 million). Subsequently, the company also partnered with Sumitomo Mitsui Trust to develop its digital asset custody services.
SBI has not yet disclosed the valuation, share percentage, or completion date of the Bitbank acquisition.
Any agreement will have to go through due diligence and obtain approval from regulatory authorities. Previously, the group acquired the TaoTao exchange before relisting XRP, demonstrating that SBI is consistently maintaining its strategy of consolidating crypto exchanges in Japan.
