SBI Holdings has approved a definitive agreement to acquire Japanese crypto exchange bitbank and make it a wholly owned subsidiary.
Summary
- SBI’s ¥46.7B bitbank deal would create Japan’s largest crypto asset platform by customer assets custody.
- The transaction uses share purchases, new shares, and buybacks before planned October completion, subject approval.
- SBI plans to combine bitbank, SBI VC Trade, stablecoins, and on-chain finance products in Japan.
The company said its board resolved on June 25 to enter a basic agreement with bitbank, CEO Noriyuki Hirosue, MIXI, Ceres and other shareholders.
The transaction will run through SBICAH GK, a wholly owned…
