SBI Holdings plans to acquire equity in the Japanese crypto trading platform Bitbank, seeking to include it as a subsidiary

Mars Finance News: Japanese financial giant SBI Holdings is in negotiations to acquire shares of the cryptocurrency trading platform Bitbank, aiming to turn it into a merged subsidiary. SBI Chairman and CEO Yoshitaka Kitao stated that the company has submitted an acquisition letter of intent and has begun discussions with Bitbank regarding capital and business cooperation. The specific timing and structure of the acquisition will be determined after due diligence and internal procedures are completed. Bitbank is one of Japan’s major domestic cryptocurrency trading platforms, established in 2014, and has never experienced a hacking incident, with security as its core selling point. As crypto assets are gradually incorporated into Japan’s Financial Instruments and Exchange Act, SBI believes that integrating Bitbank into the group will strengthen its position in Japan’s crypto market. This move comes as SBI continues to consolidate its affiliated crypto trading platforms, SBI VC Trade. Last month, SBI merged another trading platform, Bitpoint Japan, into this division to streamline operations and improve profitability. Earlier this week, Bitbank also launched Japan’s first crypto asset-linked credit card, allowing users to pay bills with assets like Bitcoin based on their exchange holdings, and offering 0.5% crypto cashback on purchases.