SBI Holdings submitted a letter of intent on May 1, 2026, to acquire a controlling stake in Bitbank, Japan's third-largest cryptocurrency exchange by trading volume. If completed, the deal would give SBI control of three FSA-registered exchanges — SBI VC Trade, the former Bitpoint Japan, and Bitb...
"By welcoming Bitbank into the group and maximizing synergies, we can establish a dominant position in the domestic crypto asset industry." — Yoshitaka Kitao, Chairman & President, SBI Holdings
SBI Holdings submitted a letter of intent on May 1, 2026, to acquire a controlling stake in Bitbank, Japan's third-largest cryptocurrency exchange by trading volume. If completed, the deal would give SBI control of three FSA-registered exchanges — SBI VC Trade, the former Bitpoint Japan, and Bitbank — creating Japan's largest crypto platform group by combined volume, surpassing bitFlyer and Coincheck.
The move follows SBI's absorption of Bitpoint Japan into SBI VC Trade on April 1, 2026, and a February letter of intent to acquire a majority stake in Singapore-based Coinhako. Combined, these transactions represent the most aggressive consolidation campaign in Japanese crypto history. They arrive less than three weeks after Japan's cabinet approved a landmark bill reclassifying 105 cryptocurrencies as financial instruments under the Financial Instruments and Exchange Act (FIEA), a change expected to take effect in fiscal 2027.
SBI reported record crypto-related profits of ¥89.6 billion ($561 million) for the fiscal year ended March 2026. The financial conglomerate is positioning itself not only as a domestic exchange operator but as a pan-Asian digital asset holding company spanning Japan, Singapore, and the United Kingdom through its existing ownership of institutional market maker B2C2.
SBI Holdings disclosed on May 1 that it has entered formal discussions with Bitbank Co., Ltd. to acquire shares and turn the exchange into a consolidated subsidiary. The specific acquisition ratio and purchase price remain undisclosed. Both parties have agreed to conduct due diligence, a process that typically takes three to six months. Internal board approvals from both companies are required. If proceedings advance without complications, the deal could close by late 2026.
Bitbank operates a Tokyo-based exchange specializing in BTC and other digital assets traded against the Japanese yen. Founded in May 2014, it holds FSA registration and has not reported a security breach since inception. Over the last 30 days, Bitbank recorded approximately $1.2 billion in trading volume ($14.3 billion annualized), according to Messari. The exchange supports 46 assets and 61 markets.
In 2021, gaming company Mixi acquired a 26.2% stake in Bitbank through a capital alliance valued at approximately ¥7 billion. Bitbank had been preparing for an initial public offering on the Tokyo Stock Exchange since mid-2025. SBI's acquisition offer is expected to replace those independent IPO plans.
In April 2026, Bitbank launched Japan's first crypto-backed credit card in partnership with EPOS Card Co., Ltd., enabling Visa payments directly from exchange balances with 0.5% cashback in crypto on monthly spending.
The Bitbank approach is the latest in a sequence of acquisitions spanning four years:
| Date | Transaction | Details | |------|-------------|---------| | 2020 | B2C2 (UK) | Acquired 90% stake in institutional crypto market maker | | May 2022 | Bitpoint Japan | Acquired 51% of shares | | Feb 2023 | Bitpoint Japan | Acquired remaining shares; full subsidiary | | 2025 | DMM Bitcoin accounts | SBI VC Trade absorbed retail accounts following DMM security incident | | Feb 2026 | Coinhako (Singapore) | Letter of intent for majority stake; MAS-regulated exchange | | Apr 1, 2026 | SBI VC Trade + Bitpoint | Absorption-type merger completed; SBI VC Trade as surviving entity | | May 1, 2026 | Bitbank | Letter of intent for controlling stake; due diligence begins |
SBI's crypto segment has become a material profit center. The group reported ¥89.6 billion ($561 million) in crypto-related earnings for FY2026 (ended March 2026). CEO Kitao confirmed in his 2026 New Year's address that the crypto ecosystem is now "a pillar of the SBI Group's earnings," citing a decade-old investment in Ripple Labs (approximately 10% ownership) as a core contributor.
Japan has approximately 30 FSA-registered cryptocurrency exchange service providers. Using CoinGecko's last comprehensive market share snapshot and current volume data, the landscape prior to SBI's consolidation showed:
| Exchange | Approx. Market Share | Notes | |----------|---------------------|-------| | bitFlyer | ~38% | Japan's largest; FSA, NYDFS, Luxembourg CSSF licensed | | Coincheck | ~27% | Monex Group subsidiary | | Bitbank | ~13.5% | Third-largest; clean security record | | SBI VC Trade | Smaller share | Post-Bitpoint merger | | GMO Coin | ~8.6% | Part of GMO Internet Group |
If SBI successfully combines SBI VC Trade (including the former Bitpoint volume) with Bitbank, the group's combined trading volume would position it to challenge bitFlyer's 38% dominance. The exact combined share will depend on post-integration volume retention, but by headcount of licensed platforms and customer bases, SBI would operate Japan's largest exchange group.
This consolidation narrows the competitive field. Five million-plus active retail crypto traders in Japan will increasingly trade on platforms controlled by three major groups: SBI, bitFlyer, and Monex/Coincheck.
On April 10, 2026, Japan's cabinet approved an amendment to the Financial Instruments and Exchange Act that reclassifies crypto assets as financial instruments. The bill now proceeds to the National Diet. If enacted, it takes effect in fiscal 2027 and introduces:
The compliance cost implications are significant. Meeting the standards of a Type 1 Financial Instruments Business requires more capital, more auditors, advanced reporting systems, and sophisticated internal controls. Smaller exchanges face a binary choice: absorb those costs independently or sell to a larger operator.
SBI is executing a buy-before-the-deadline strategy. Acquiring exchanges now, while they still operate under Payment Services Act (PSA) licensing, is cheaper and faster than acquiring them after FIEA compliance costs are capitalized into valuations. SBI's M&A team has stated that the group is positioning itself "ahead of upcoming regulatory shifts."
The FSA has encouraged this consolidation. Following security incidents at DMM Bitcoin and other smaller platforms, the regulator views larger, better-capitalized operators as more resilient to hacking, fraud, and operational failure.
Japan is not the only target. SBI's February 2026 letter of intent to acquire a majority stake in Coinhako, a Major Payment Institution licensed by the Monetary Authority of Singapore, extends the group's footprint into Southeast Asia.
Coinhako operates retail and institutional digital asset services under Hako Technology Pte. Ltd. Founded over a decade ago, it is one of Singapore's earliest crypto platforms. SBI plans to integrate Coinhako into its existing infrastructure alongside B2C2 and AsiaNext, a digital asset markets joint venture.
The strategic logic is cross-border corridor construction. With licensed exchange operations in Japan, Singapore, and market-making capabilities in London (B2C2), SBI is assembling the infrastructure to facilitate digital asset flows across three major financial centers. CEO Kitao has stated the focus extends "beyond spot crypto trading to tokenized equities, stablecoins, and cross-border digital asset corridors linking multiple jurisdictions."
SBI Holdings also partnered with Startale Group to launch a yen-denominated stablecoin in Q2 2026, and is preparing to introduce Ripple's RLUSD stablecoin in Japan through SBI VC Trade.
The consolidation push coincides with Japan's path toward crypto ETF approval. The FSA is targeting 2028 for spot crypto ETF listings on the Tokyo Stock Exchange, following the FIEA reclassification as a prerequisite.
SBI Global Asset Management is preparing two ETF products: a mixed trust with 51% gold-based ETFs and 49% Bitcoin ETFs, and a second product tracking Bitcoin and XRP. Nomura Asset Management and Daiwa Asset Management are also developing products. Industry estimates place potential ETF assets at approximately ¥1 trillion ($6-7 billion) after launch.
SBI Global Asset Management CEO Asakura Tomoya has publicly criticized the 2028 timeline as "too late," arguing Japan risks falling behind the U.S. (where spot Bitcoin ETFs held over $120 billion in net assets by January 2026) and other jurisdictions. Finance Minister Satsuki Katayama has described 2026 as Japan's "digital year" and endorsed integrating crypto trading services into the stock exchange framework.
Owning multiple exchanges provides SBI with a structural advantage in the ETF market: proprietary custody infrastructure, regulatory relationships, and existing customer bases that can be cross-sold ETF products.
Regulatory approval uncertainty. The Bitbank deal requires FSA clearance. While the regulator has encouraged consolidation, antitrust concerns could arise if SBI's combined market share exceeds certain thresholds. The Coinhako deal requires MAS approval in Singapore.
Integration execution. The Bitpoint absorption completed April 1 is still in early integration. Adding Bitbank simultaneously creates operational complexity. Platform migrations, technology stack consolidation, and customer account merges carry execution risk.
Mixi's 26.2% stake. The gaming company's existing ownership in Bitbank introduces a third party to negotiations. Whether Mixi will sell, retain a minority position, or seek a premium remains undisclosed.
Bitbank's IPO alternative. Bitbank was preparing for a TSE listing. An independent IPO could yield a higher valuation than a subsidiary acquisition. The Bitbank board must weigh whether SBI's offer exceeds what public markets would provide.
Concentration risk. Fewer, larger exchanges may reduce competition on fees and service quality for Japan's 5 million-plus retail crypto traders. The FSA has not publicly addressed this trade-off.
SBI Holdings' three-exchange consolidation is not an isolated corporate action. It is a direct response to a regulatory regime change. Japan is moving crypto from payment infrastructure to financial instruments infrastructure, and the compliance gap between those two regimes favors scale. SBI is buying that scale before the market prices it in.
The open question is whether Japan's crypto market, built on a fragmented network of 30 licensed exchanges serving 5 million retail traders, benefits from consolidation or suffers from it. The FSA's bet is that larger operators are safer. The market will determine whether they are also better.