SBI in talks to acquire Bitbank to lead Japan crypto market

SBI Holdings opened formal capital and business alliance talks with Bitbank Inc. on May 1, 2026, seeking to make the crypto exchange a consolidated subsidiary.

If the transaction completes, combining Bitbank with SBI’s existing exchange units would make the group the largest crypto exchange operator in Japan by trading volume in the regulated market, ahead of bitFlyer and Coincheck.

The disclosure follows SBI’s recent merger of its SBI VC Trade unit with Bitpoint Japan, announced weeks earlier and expanding the group’s domestic crypto footprint.

SBI has not disclosed a proposed valuation, the equity split under discussion, or a timetable. Any deal would be subject to due diligence and approval by Japan’s Financial Services Agency.

The group reported crypto-related profits of ¥89.6 billion ($560.9 million) for the fiscal year ended March 2026. Recent product launches include JPYSC, a yen-backed stablecoin, crypto-collateral lending, and a partnership with Visa.

Yoshitaka Kitao, SBI’s chief executive, has pursued integration of traditional finance and blockchain. SBI holds about 9% of Ripple and operates SBI Ripple Asia, a joint venture aimed at promoting XRP use in the region.

Sota Watanabe, chief executive of Startale Group, called the planned purchase a turning point: ‘Once the acquisition is successful, SBI is going to be the largest crypto exchange in Japan.’

Bitbank was founded in 2014 and licensed by the Financial Services Agency in 2017. The exchange has not reported a hacking incident since its launch.

Mixi acquired roughly a 26.2% stake in Bitbank in 2021 for about ¥7 billion ($46.2 million). Bitbank later partnered with Sumitomo Mitsui Trust for digital asset custody services.

SBI previously acquired TaoTao and relisted XRP on that platform, a transaction observers cite as a precedent for how the group integrates Japanese exchanges.

SBI’s regulatory record includes a sanction against its brokerage arm, SBI Securities, in early 2024 over IPO share-price practices, which led regulators to temporarily halt client solicitation. The company has indicated it will follow the standard approval and integration process for the talks with Bitbank.