SBI Holdings, a prominent Japanese financial conglomerate, is poised to acquire a stake in Bitbank, a leading cryptocurrency exchange in the country. The Tokyo-based broker has submitted a letter of intent to purchase shares in Bitbank, with the aim of transforming it into a consolidated subsidiary.
This move is part of SBI's overarching strategy to broaden its cryptocurrency footprint and solidify its position in anticipation of potential regulatory changes in Japan. Recently, Japan's cabinet approved a draft amendment that would categorize cryptocurrencies as financial products, subjecting them to the Financial Instruments and Exchange Act. If enacted, this law could come into effect as early as fiscal 2027. SBI has already absorbed Bitpoint, a regulated Japanese cryptocurrency exchange that offers spot trading and has issued an on-chain bond with rewards in XRP.
This development is also aligned with SBI's regional expansion efforts, including its plans to acquire a majority stake in Coinhako, a digital asset platform regulated by the Monetary Authority of Singapore. Furthermore, SBI has partnered with Visa to launch credit cards that automatically convert spending rewards into cryptocurrency, allowing users to accumulate digital assets through everyday purchases.