SBI Holdings, a prominent Japanese financial conglomerate, is poised to acquire a stake in Bitbank, a leading cryptocurrency exchange in the country. The company has submitted a letter of intent to purchase shares in Bitbank, with the aim of establishing it as a consolidated subsidiary.
This move is part of SBI's broader strategy to enhance 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, subject to the Financial Instruments and Exchange Act. If enacted, this law could come into 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 is expanding its presence in the region, having announced plans to acquire a majority stake in Coinhako, a digital asset platform based in Singapore, in February. Additionally, 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.