SBI Holdings in Talks to Acquire Bitbank, Expanding Crypto Exchange Consolidation in Japan

Tokyo-based SBI Holdings has opened talks to acquire shares in cryptocurrency exchange Bitbank and make it a consolidated subsidiary, extending its push to consolidate regulated crypto trading platforms in Japan as the country moves toward securities-style rules for digital assets.

The financial conglomerate said Friday it is considering a share acquisition as part of a potential capital and business alliance with Bitbank. The deal remains subject to due diligence, negotiations and internal approvals, SBI said.

The talks come a month after SBI VC Trade absorbed Bitpoint Japan on April 1, with SBI VC Trade becoming the surviving company. A Bitbank acquisition would give SBI a larger position in Japan's crypto exchange market at a time when policymakers are preparing to bring crypto assets under the Financial Instruments and Exchange Act.

SBI said the potential deal would help the group establish an "overwhelming position in the domestic cryptocurrency industry," citing Japan's planned regulatory shift for crypto assets.

Japan's Cabinet approved a bill on April 10 to amend the Financial Instruments and Exchange Act and the Payment Services Act, according to the Financial Services Agency. The bill is intended to strengthen market fairness, transparency and investor protection while revising rules for crypto assets.

Crypto assets are currently regulated by the FSA under the Payment Services Act as a means of payment. The proposed changes would move crypto closer to Japan's traditional financial market framework, with stronger disclosure, exchange oversight and rules targeting unfair trading.

Cointelegraph asked SBI Holdings for comment on the proposed Bitbank acquisition and how Japan's shifting crypto rules are affecting the group's exchange strategy, but had not received a response by publication.

Bitbank is one of Japan's major crypto exchanges. It ranks as Japan's leading cryptocurrency exchange by Coingecko's trust score, which measures the legitimacy of crypto exchanges based on liquidity, trading activity, cybersecurity and operational scale. It ranks third among cryptocurrency exchanges by daily trading volume, behind bitFlyer and Coincheck.

The proposed deal would add to SBI's broader digital asset footprint. SBI made a $50 million investment in Circle's IPO in June 2025. In previous years, SBI also made strategic investments in other crypto-native companies, including BITPoint Japan, Sygnum Bank and crypto exchange TaoTao, which later merged into SBI VC Trade.

Japan brings crypto under TradFi umbrella, targets ETFs by 2028

Japan's regulatory shift comes as institutional interest in digital assets continues to grow and policymakers reassess how crypto should fit within the country's financial markets. Japanese Finance Minister Satsuki Katayama first signaled the intent to bring crypto under the same umbrella as traditional finance assets in January, to ensure that citizens will "benefit from digital and blockchain-based assets."

The country is also planning to legalize the launch of cryptocurrency exchange-traded funds (ETFs) by 2028, according to a January report. Large financial conglomerates like SBI Holdings and Nomura are among the first companies expected to develop crypto-linked ETFs.