SBI Holdings, a prominent Japanese financial conglomerate, is poised to acquire a significant stake in Bitbank, a leading cryptocurrency exchange in the country. This strategic move is aimed at transforming Bitbank into a consolidated subsidiary, as outlined in a letter of intent submitted by SBI.
The decision is part of the company's broader strategy to expand its presence in the cryptocurrency market and strengthen its position in anticipation of potential regulatory changes in Japan. Recently, Japan's cabinet approved a draft amendment that would classify 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 crypto exchange that offers spot trading and has issued an on-chain bond with rewards in XRP. Furthermore, the company plans to acquire a majority stake in Coinhako, a digital asset platform based in Singapore, as part of its regional expansion efforts. 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.