SBI to Buy Bitbank for $289M, Becoming Japan’s Largest Crypto Custodian

Japanese financial group SBI has agreed to acquire cryptocurrency exchange Bitbank in a deal valued at ¥46.7 billion ($289 million). Upon completion of the transaction, Bitbank will be integrated into SBI as a consolidated subsidiary.

The acquisition is set to strengthen SBI’s footprint in the digital asset market. With Bitbank under its umbrella, assets held in custody across the combined group are expected to reach about ¥1.1 trillion ($6.2 billion), making it Japan’s largest crypto platform by custodial assets.

Source: Nikkei