According to Nikkei news, Japanese financial group SBI announced it will spend 46.7 billion yen ($289 million) to acquire crypto asset exchange Bitbank.


According to the plan, a subsidiary of SBI Holdings will acquire shares from Bitbank's founders and individual shareholders in August, and then Bitbank will buy back shares held by MIXI and Ceres by the end of October.
After the acquisition is completed, Bitbank will become a consolidated subsidiary of SBI.
The total custodied assets of both parties after the merger are expected to reach approximately 1.1 trillion yen (about $6.2 billion), ranking first in Japan's crypto industry.
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