Japanese financial conglomerate SBI Holdings plans to acquire a stake in Bitbank, one of the country’s largest crypto exchanges.
The Tokyo-based broker submitted a Letter of Intent to Bitbank Co., Ltd. regarding the purchase of the exchange’s shares with the aim of making it a consolidated subsidiary, according to an announcement on Friday.
SBI is targeting the Bitbank movement as part of its broader strategy to expand its crypto footprint and strengthen its position ahead of potential regulatory changes in Japan.
Japan’s cabinet approved a draft amendment last month that would classify cryptocurrencies as financial products, bringing cryptoassets under the Financial Instruments and Exchange Act, which are used for stocks and other securities. If passed during the current parliamentary session, the law could come into force as early as the 2027 financial year.
SBI has already absorbed Bitpoint, a regulated Japanese crypto exchange that offers spot trading and has offered an onchain bond from which investors can receive rewards in XRP.
The move is also part of SBI’s wider regional expansion push, having revealed plans to acquire a majority stake in Singapore-based Coinhako, a MAS-regulated digital asset platform, in February.
SBI has also begun a Visa partnership to launch credit cards that automatically convert spending rewards into crypto (BTC, ETH or XRP), allowing users to accumulate digital assets through daily purchases, according to a separate announcement on Friday.
