SBI Holdings to Acquire Bitbank for $289 Million, Creating Japan's Largest Crypto Exchange

SBI Holdings announced Thursday that it has agreed to acquire Tokyo-based cryptocurrency exchange Bitbank for approximately $289 million (46.7 billion yen), making it a wholly owned subsidiary. Combined with SBI VC Trade, the merged entity will hold an estimated $6.8 billion in assets under custody and serve approximately 2.92 million crypto accounts, positioning it as Japan's largest crypto exchange by asset value. The transaction is expected to close around October pending regulatory clearance from Japan's Fair Trade Commission.
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