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 integrating it as a consolidated subsidiary. This strategic move is part of SBI's broader efforts to expand its cryptocurrency footprint and reinforce its position in anticipation of potential regulatory shifts in Japan. Recently, Japan's cabinet approved a draft amendment that would categorize cryptocurrencies as financial products, subject to the Financial Instruments and Exchange Act.
If enacted, this law could take effect as early as 2027. SBI has already acquired Bitpoint, a regulated Japanese cryptocurrency exchange that offers spot trading and has issued an on-chain bond with rewards in XRP. Furthermore, the company has announced plans to acquire a majority stake in Coinhako, a digital asset platform based in Singapore, as part of its regional expansion strategy.
In a separate development, SBI has partnered with Visa to launch credit cards that automatically convert reward points into cryptocurrency, allowing users to accumulate digital assets through daily purchases.