SBI Holdings said Thursday it will buy Tokyo-based crypto exchange Bitbank in a roughly 46.7 billion yen (about $289 million) deal that it expects will create Japan’s largest crypto exchange by assets under custody. The board-approved transaction will turn Bitbank into a wholly owned SBI subsidiary once completed. Under the agreed structure, an SBI subsidiary will first purchase shares directly from Bitbank CEO Noriyuki Hirosue and other individual shareholders, then subscribe to a new share issuance by Bitbank. Bitbank will use those proceeds to buy back and retire the stakes held by its two largest corporate investors, MIXI Inc. and Ceres Inc., which together control nearly half the exchange. The deal is expected to close around October, subject to clearance by Japan’s Fair Trade Commission. SBI said it will fold Bitbank’s security and compliance systems into its existing crypto arm, centered on SBI VC Trade. Combined, the two exchanges would manage an estimated 1.1 trillion yen (about $6.8 billion) in assets under custody and serve roughly 2.92 million crypto accounts—figures SBI says would make it the largest exchange in Japan by assets under custody and among the biggest by user count. The acquisition is part of a broader consolidation trend in Japan’s crypto market and fits SBI’s strategy to expand across trading, stablecoins and on-chain finance. SBI said the deal will strengthen its competitive position but expects only a minor effect on consolidated financial results for the fiscal year ending March 2027. Bitbank’s most recent disclosures show the exchange returned to a net loss for the fiscal year ended December 2025 after two consecutive profitable years. Read more AI-generated news on: undefined/news