SBI Acquires Bitbank for $289M, Cementing Japan’s Largest Regulated Crypto Operator

SBI Holdings will absorb bitbank as a wholly owned subsidiary, the company confirmed on June 25. SBICAH GK, a wholly owned SBI vehicle, will execute the share transfer. The price tag sits at roughly 46.7 billion yen, or about $289 million, per Nikkei. SBI’s subsidiary plans to start buying shares from founder Noriyuki Hirosue and other individuals in August. Bitbank will then repurchase shares held by MIXI and CERES by the end of October. The Japan Fair Trade Commission still needs to clear the combination before closing.

Scale That Reshapes Japan’s Crypto Pecking Order

Combined with SBI VC Trade, the new group will run roughly 2.92 million crypto accounts. Customer assets under custody will reach about 1.1 trillion yen, near $6.8 billion at current rates. Bitbank currently ranks third in Japan by daily spot volume, behind bitFlyer and Coincheck. Its average daily turnover sits around $50 million according to industry trackers. As a result, SBI’s footprint will rival the largest domestic operators across nearly every metric. Importantly, bitbank also brings a clean zero-hack track record into the merged entity.

Building on the April BITPoint Merger

This is not SBI’s first piece of consolidation work this year. On April 1, SBI VC Trade absorbed BITPoint Japan in a full merger. That move pooled customer balances, simplified group reporting, and trimmed overhead. The bitbank deal now stacks a third licensed exchange on top of that same platform. In effect, SBI is folding three regulated venues into a single distribution rail. Chairman Yoshitaka Kitao said the goal is to establish a dominant position in the domestic crypto asset industry.

Ripple, RLUSD, and Why Stablecoins Sit Next to This Deal

The bitbank news landed alongside another major SBI move with Ripple. Earlier in June, SBI VC Trade became the first Japanese venue to list Ripple’s RLUSD stablecoin. The launch followed clearance from Japan’s Financial Services Agency. As a result, SBI now holds the on-ramp for a dollar-backed stablecoin used in Ripple’s global payment rails. The bitbank acquisition extends the customer pool that can access that asset on day one. In short, more accounts means broader distribution for RLUSD inside Japan.

We're proud to announce that Ripple USD ($RLUSD) is now officially available in Japan, following approval from the Japan Financial Services Agency (JFSA): https://t.co/5rJZBrFaIM

Through our partnership with SBI Group and @sbivc_official, $RLUSD will be accessible to both…

— Ripple (@Ripple) June 25, 2026

The SBI Visa Card Adds a Consumer Layer

Alongside the exchange roll-up, SBI launched the SBI VISA Crypto Card with Aplus and Visa. Cardholders earn rewards in Bitcoin, Ethereum, or XRP on everyday purchases. SBI also signed a separate MOU with Visa Worldwide Japan focused on stablecoin payment utility. Together, those products turn SBI’s crypto exchanges into the back end of a consumer rewards loop. Meanwhile, the same customer base will eventually feed into SBI Securities for credit-based investment trust savings. The vertical stack now covers trading, custody, payments, and savings under one umbrella.

Japan’s Regulatory Pivot Sets the Stage

Japan’s Cabinet approved a bill in April to amend the Financial Instruments and Exchange Act and Payment Services Act. The new framework brings crypto closer to securities-style oversight with stronger disclosure rules. Additionally, the country plans to legalize cryptocurrency ETF products by 2028, according to earlier FSA guidance. SBI is positioning itself ahead of those rule changes by capturing scale now. With three exchanges merged, the group can absorb tighter compliance costs more easily than smaller operators. Smaller venues, in contrast, will face a steeper road as the rules tighten.

What This Means for Japan’s Crypto Market

The Japanese crypto market is shifting from a balanced top-three structure into a clear leader. SBI now holds a regulated exchange complex, a Ripple-aligned stablecoin product, and a Visa-branded consumer card. That stack mirrors how traditional financial conglomerates organize banking, brokerage, and payments. Competitors like bitFlyer and Coincheck will need to respond with similar vertical depth or risk losing share. For Ripple, the deal turns Japan’s largest crypto operator into a default distribution channel for RLUSD. For the broader market, it signals that Japan’s next phase of crypto growth will run through bank-grade balance sheets.

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