SBI Holdings, a prominent Japanese financial conglomerate, is poised to acquire a stake in Bitbank, a leading cryptocurrency exchange in the country. According to a recent announcement, the company has submitted a letter of intent to purchase shares in Bitbank, with the aim of transforming it into a consolidated subsidiary. This strategic move is part of SBI's broader effort to expand its cryptocurrency footprint and solidify its position in anticipation of potential regulatory shifts in Japan.
The Japanese government has recently 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 take effect as early as 2027. SBI has already absorbed Bitpoint, a regulated Japanese cryptocurrency exchange that offers spot trading and has issued an on-chain bond rewarded in XRP. Furthermore, the company has announced plans to acquire a majority stake in Coinhako, a digital asset platform regulated by the Monetary Authority of Singapore.
In a separate development, SBI has partnered with Visa to launch credit cards that automatically convert reward points into cryptocurrencies such as Bitcoin, Ethereum, or XRP, enabling users to accumulate digital assets through everyday transactions.