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 transforming it into a consolidated subsidiary.
This strategic move is part of SBI's broader vision to expand its footprint in the crypto market 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 absorbed Bitpoint, a regulated Japanese crypto 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 MAS-regulated digital asset platform based in Singapore. In a separate development, SBI has partnered with Visa to launch credit cards that automatically convert spending rewards into cryptocurrencies such as BTC, ETH, or XRP, allowing users to accumulate digital assets through everyday purchases.