In brief
- SBI Holdings is buying Tokyo crypto exchange Bitbank for about $289 million, making it a wholly owned subsidiary.
- Combined with SBI VC Trade, it’ll hold $6.8 billion in assets and 2.92 million accounts.
- The deal still needs regulatory clearance and is expected to close around October.
SBI Holdings, the Japanese financial conglomerate, announced Thursday that it has agreed to acquire Bitbank, a Tokyo-based cryptocurrency exchange, in a deal valued at roughly 46.7 billion yen, or nearly $289 million. The deal would make Bitbank a wholly owned subsidiary, with SBI saying the combined firm will be Japan’s largest crypto exchange based on asset value.
The transaction, approved by SBI’s board on Thursday, involves a series of…
