Japanese financial group SBI Holdings plans to acquire a stake in Bitbank, one of the country’s largest cryptocurrency exchanges.
The Tokyo-based brokerage submitted a letter of intent to Bitbank Co., Ltd. to purchase shares of the exchange with the goal of turning it into a consolidated subsidiary, according to an announcement on Friday.
SBI sees Bitbank’s move as part of its broader strategy to expand its cryptocurrency footprint and solidify its position ahead of potential regulatory changes in Japan.
Japan’s cabinet last month approved a draft amendment to classify cryptocurrencies as financial products, bringing crypto assets into the Financial Instruments and Exchange Act for stocks and other securities. If passed during the current legislative session, the law could take effect as early as fiscal year 2027.
SBI has absorbed Bitpoint, a regulated Japanese cryptocurrency exchange that offers spot trading and offers an on-chain bond from which investors can earn XRP rewards.
The move is also part of wider regional expansion plans by SBI, which in February revealed plans to acquire a majority stake in Singapore-based MAS-regulated digital asset platform Coinhako.
According to a separate announcement on Friday, SBI has also begun working with Visa to launch a credit card that automatically converts spending rewards into cryptocurrency (BTC, ETH or XRP), allowing users to accumulate digital assets through daily purchases.
