SBI Holdings has opened formal talks to bring major Japanese crypto exchange Bitbank into its fold, signaling accelerating consolidation in Japan’s crypto industry.
What’s happening
- SBI is discussing a capital and business alliance with Bitbank that would make the exchange a consolidated SBI subsidiary. The company says it will move forward only after due diligence and internal approvals; timing, transaction structure and acquisition method will be decided later.
- The potential deal follows SBI Group’s April 2026 absorption of Bitpoint Japan via a merger with SBI VC Trade, underscoring SBI’s fast push to expand its exchange business.
Why it matters
- The move would combine Bitbank’s exchange brand and recent payments innovations with SBI’s broad financial network, likely increasing scale and product reach.
- Bitbank has a clean security record — the firm says it has reported zero hacking incidents since launch — a point that strengthens its appeal to larger financial groups.
Background on Bitbank
- Bitbank had been preparing for a possible Tokyo Stock Exchange listing as early as mid-2025. It previously raised around ¥7 billion through a capital-and-business tie-up with Mixi in 2021; Mixi remains a major shareholder with a 26.2% stake.
- SBI’s proposal could affect Bitbank’s listing timeline and future ownership structure.
Products and partnerships
- Bitbank has been expanding into crypto-linked payments. It launched the “EPOS Crypto Card for Bitbank” with EPOS Card, the fintech arm of Marui Group. The card lets users pay monthly credit card bills directly from bitcoin balances held on Bitbank and offers 0.5% cashback in bitcoin, ether or Aster. Bitbank says this is the first service in Japan to let card bills be settled straight from crypto exchange balances; more payment options may be added later.
Regulatory backdrop
- The talks come as Japan reconsiders how crypto assets should be treated under the Financial Instruments and Exchange Act — a review that could bring tighter rules for exchanges and crypto investment products. That regulatory uncertainty is one factor driving consolidation as exchanges seek scale and compliance resources.
What to watch
- Updates on the deal’s structure, the fate of Bitbank’s TSE listing plans, and how regulators respond to the broader sector review will be key for investors and market watchers.
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