On the 1st, SBI Holdings announced that it has submitted a letter of intent to Bitbank Inc., which operates the cryptocurrency exchange bitbank, regarding the acquisition of its shares, and has begun discussions toward a capital and business alliance.
Going forward, SBI aims to make Bitbank a consolidated subsidiary and plans to proceed with the necessary procedures before acquiring the shares. Specific details such as the timing and method of the acquisition will be determined through further discussions.
SBI commented on Bitbank, stating that “since its founding, it has maintained a strong security record with zero hacking incidents, and has been working to promote the adoption of crypto assets and the development of the market by providing safe and reliable services.”
Last month, SBI absorbed Bitpoint Japan through a merger with its group company SBI VC Trade. The series of acquisitions of crypto exchanges appears to be aimed at strengthening its business foundation and enhancing profitability, as discussions accelerate on incorporating crypto assets into the framework of the Financial Instruments and Exchange Act.
Bitbank had previously announced in July 2024 that it was aiming for a listing on the Tokyo Stock Exchange around mid-2025.
Currently, the presence of the SBI Group in Japan’s crypto asset industry is growing. This latest announcement is seen as a significant development that highlights ongoing structural changes in the industry and is expected to attract considerable attention.
Reference: Announcement
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