SBI Holdings, a leading Japanese financial conglomerate, is poised to acquire a stake in Bitbank, a prominent 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 making it a consolidated subsidiary. This move is part of SBI's broader strategy to expand its cryptocurrency footprint and reinforce its position in anticipation of potential regulatory changes in Japan. The Japanese government has recently 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 absorbed Bitpoint, a regulated Japanese crypto exchange that offers spot trading and has issued an on-chain bond with rewards in XRP.
The company is also pursuing regional expansion, having announced plans to acquire a majority stake in Coinhako, a MAS-regulated digital asset platform in Singapore. Furthermore, SBI has partnered with Visa to launch credit cards that automatically convert spending rewards into cryptocurrency, allowing users to accumulate digital assets through everyday purchases.