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SBI Holdings has entered into talks to acquire shares in Bitbank, aiming to make the crypto exchange operator a consolidated subsidiary of the major Japanese financial services conglomerate.
SBI Chairman and President Yoshitaka Kitao said in a statement on Friday that the company has submitted a letter of intent regarding the acquisition of shares and has begun discussions with Bitbank regarding a capital and business alliance.
Kitao said the firm plans to acquire Bitbank shares after conducting due diligence and following the necessary internal procedures, with separate discussions regarding the specific timing and structure to follow.
Bitbank operates one of the major domestic crypto exchanges in Japan and says it has not experienced a hacking incident since its founding in May 2014, positioning security as a key part of its offering.
As crypto assets move toward inclusion under the Financial Instruments and Exchange Act, SBI said bringing Bitbank into the group would strengthen its position in Japan's crypto market.
The talks come as the group continues to consolidate activity into its in-house crypto exchange arm, SBI VC Trade. Last month, it merged crypto exchange Bitpoint Japan into the unit as part of efforts to streamline operations and improve profitability.
Earlier this week, Bitbank rolled out a crypto-linked credit card that enables users to pay their bills in bitcoin and other assets, based on their exchange holdings — a first for the domestic market. The card also offers a 0.5% cashback in crypto on monthly spending.
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A new design proposed by venture fund Paradigm would let holders privately timestamp proof that they control vulnerable keys before quantum computers arrive, creating a possible rescue path if Bitcoin ever sunsets old addresses.
The obvious defense is a soft fork (or an upgrade to existing network rules) that eventually stops allowing spends from those legacy address types, forcing holders to move into quantum-safe formats before attackers can derive their private keys.
Prominent developer Jameson Lopp and five other developers proposed exactly that in mid-April through BIP-361, which would phase out quantum-vulnerable addresses on a five-year timeline and freeze any coins that fail to migrate.
That proposal created a different problem, however. Satoshi, and every other long-dormant holder, would have to wake up publicly or risk losing access to their assets.
Dan Robinson, a general partner at Paradigm, published a proposal Friday for a way around that trade-off that revolves around the concept of Provable Address-Control Timestamps, or PACTs.
The core idea is not to move coins but timestamp proof of ownership at a specific date and reveal nothing to the public until the owners of those wallets actually need to spend.
A holder generates a random salt, which is a piece of secret data used to make a cryptographic commitment unique and unguessable, and uses BIP-322, a standard for signing messages from a Bitcoin address without spending from it, to produce a proof of ownership.
The salt and proof are bundled together into an onchain commitment and timestamp it through OpenTimestamps, a free service that anchors data onto the Bitcoin blockchain through a single batched transaction. The salt, proof, and timestamp files stay private.
If Bitcoin later activates a soft fork that freezes quantum-vulnerable coins, the protocol could include a rescue path that accepts a STARK proof, a type of zero-knowledge proof that remains secure against quantum computers, showing the holder created their commitment before quantum hardware existed.
The holder submits that proof when they want to spend, and the network releases the coins. The redemption reveals nothing about which address, which amount, or even when the original timestamp was created.
These PACTs also address a specific gap in BIP-361 by including a rescue path for wallets derived through BIP-32, the deterministic key generation standard introduced in 2012. Pre-2012 wallets, including most of Satoshi's known addresses, do not use BIP-32 and cannot be rescued through that path.
As such, Robinson stated that the PACTs require Bitcoin to eventually adopt a STARK verification protocol, which would itself need a separate soft fork with broad community consensus.
The verification infrastructure does not exist in Bitcoin currently and would need what Robinson calls "substantial new plumbing," such as multisig wallets, complex scripts, and hardware wallet support that would all need careful standardization.
That last constraint is the one PACTs cannot work around.
The protocol only protects Satoshi if Satoshi himself, or whoever currently controls those keys, makes the commitment. If Satoshi is genuinely gone, no PACT can be retroactively created. The coins remain exposed to whichever scenario plays out first, quantum theft or community freeze.
What PACTs do offer is a way to make the BIP-361 debate less binary. The current freeze proposal forces a choice between protecting against quantum theft and respecting dormant property rights.
Whether Satoshi will use it is the question PACTs cannot answer.
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Bitcoin's increased popularity will help drive the broader digital asset market to around $28 trillion by the end of the decade, according to the report. It's currently about $2.7 trillion, according to CoinDesk data. It also means the price could surge: Even if all 21 million BTC were in circulation by then, which they wouldn't be, one bitcoin would be valued at more than $730,000.
Wood has long been bullish on bitcoin. In January, Ark Invest forecast a price range of $300,000-$1.5 million by 2030. In February, Wood reiterated its appeal as a hedge against inflation and deflation, driven by technological acceleration.
Bitcoin is maturing as the leader of a new institutional asset class,” the report said, buoyed by adoption across exchange-traded funds (EFTs), corporate treasuries and sovereign entities.
Institutional ownership of, primarily, bitcoin is already rising quickly. U.S. ETFs and public companies held about 12% of the total bitcoin supply at the end of last year, an increase from about 9% a year earlier, the report said.
The move reflects a shift in how bitcoin is perceived. Once seen primarily as a speculative asset, it is increasingly being considered “digital gold,” a macro hedge and a reserve asset alongside traditional stores of value.
It adds that even a modest penetration into institutional holdings, as low as 2.5% of an estimated $200 trillion global portfolio excluding gold, could contribute about $5 trillion to bitcoin’s total valuation.
The report also predicts that bitcoin will capture an estimated 40% of gold’s total market value, which it estimated at just over $24 trillion currently, implying nearly $10 trillion in additional upside from the “digital gold” narrative alone.
Other contributions to bitcoin’s growth would come from emerging demand for a neutral reserve asset, where even just a 0.5% penetration of a lower $68 trillion monetary base could add about $339 billion in value, along with allocations from nation-states and corporate treasuries that could each contribute hundred of billions of dollars more.
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April 24 (Reuters) - The Democratic governor of ​Maine, Janet Mills, on Friday vetoed a bill that would have made it the first U.S. state to impose a moratorium on large new data ‌centers, even as local opposition to the electricity-hungry facilities grows.
The decision reflects the difficult trade-off facing political leaders, who must weigh the impact of data centers, opens new tab on the environment and household energy bills against the millions of dollars in investment and tax revenue they can bring.
If signed into law, the bill would have frozen approvals until October 2027 for data centers requiring more than ​20 megawatts of power while a state-appointed council analyzed their impact on the local grid, electricity bills, air and water.
Mills, in a letter to ​the Maine legislature, said she supports a temporary moratorium on data center projects - and would have signed the bill if ⁠it had included an exemption for a data center project underway in the town of Jay that is key to jobs and tax revenue.
"A moratorium is appropriate ​given the impacts of massive data centers in other states on the environment and on electricity rates. But the final version of this bill fails to allow ​for a specific project in the Town of Jay that enjoys strong local support from its host community and region," Mills said in a statement
The Androscoggin paper mill in the town shut down in 2023 after a boiler explosion, leading to hundreds of job losses.
Work to develop a $550 million data center, which reuses existing infrastructure that would not have had a major impact on the electric ​grid or energy bills, is expected to create more than 800 construction jobs and at least 100 high-paying permanent jobs, and would contribute property tax revenue ​to the town of Jay, Mills said.
Mills also said that she plans to issue an executive order establishing a council to examine the impact of data centers in Maine and ‌has signed ⁠a bill to prohibit data center projects from Maine's business development tax incentive programs.
American tech giants have pledged to spend more than $600 billion on artificial intelligence data centers this year as part of a spending spree that has boosted the U.S. economy and is considered the biggest since the telecom boom of the late 1990s.
But mounting opposition to that buildout has led more than a dozen U.S. states to weigh legislation that would halt or restrain development of ​the facilities, even as the Trump administration ​pressures states to stay out of ⁠AI regulation.
To ease worries about rising electricity bills, Washington last month got big technology companies to sign a voluntary pledge at the White House that they would bear the cost of new electricity generation to power their data centers.
Two Democratic lawmakers - ​Senator Bernie Sanders and Representative Alexandria Ocasio-Cortez - have also introduced legislation to halt all construction on data centers until ​Congress passes AI safety ⁠legislation.
Maine lawmakers passed the bill against data centers last week, sponsored by Democratic state representative Melanie Sachs. The state was seen as a test case of whether such measures could be adopted in other places.
Limiting data center development would have, however, added to the economic pressure in a rural state already grappling with mill closures that have ⁠eroded one ​of its key industries.
Sachs said Mills' decision to veto the bill was "simply wrong".
While a veto might ​protect the proposed data center project in Jay, it poses significant potential consequences for all ratepayers, our electric grid, our environment and our shared energy future," Sachs said.
Virginia, one of the world's largest data ​center hubs, is among the U.S. states considering similar legislation.
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The president of the Confederation of African Football (CAF) has rejected accusations of corruption by the Senegalese government after the body’s shock decision to strip Senegal of its AFCON title and award it to Morocco.
“If anybody wants to initiate legal action alleging that there is corruption in CAF, I don’t only welcome that, I encourage them,” said Patrice Motsepe, speaking in Morocco on Thursday.
“There’s nothing to hide. We respect enormously the judicial and legal sovereignty of every single one of our 54 nations on the African continent
I’m confident that whatever the decision of CAS will say, we will respect it and we will implement it,” he added, referring to the Court of Arbitration for Sport
Motsepe’s visit comes at a particularly tense time for CAF following its surprise decision to overturn Senegal’s 1-0 win against host-nation Morocco in the Africa Cup of Nations final on January 18.
CAF cited regulations about leaving the field as it recorded a 3-0 victory in Morocco’s favour on March 17
During the match, Senegalese players, along with head coach Pape Thiaw and his staff, walked off the pitch in Rabat after Morocco were awarded an added-time penalty, which forward Brahim Diaz ultimately missed
The Senegalese Football Federation has appealed CAF’s decision at the Court of Arbitration for Sport (CAS)
The decision has sparked a strong response by Senegal, whose government has called for an international investigation into suspected corruption within the institution
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