SBI to Acquire Bitbank for $289 Million, Set to Become Japan’s Largest Crypto Custodian

TLDR:

• SBI will acquire Bitbank for ¥46.7 billion ($289 million), making it a consolidated subsidiary of SBI Group.
• Combined custody assets from SBI VC Trade and Bitbank are projected to reach ¥1.1 trillion ($6.2 billion).
• The merged entity will oversee roughly 2.92 million accounts, the largest crypto account base in Japan.
• SBI’s combined assets will surpass bitFlyer’s ¥960 billion and Coincheck’s ¥800 billion in custody holdings.

The SBI Bitbank acquisition marks a major consolidation move in Japan’s crypto market. Japanese financial group SBI announced plans to purchase crypto exchange Bitbank for ¥46.7 billion ($289 million).

Once completed, Bitbank will become a consolidated subsidiary of SBI. The combined custody assets are expected to reach ¥1.1 trillion ($6.2 billion), positioning SBI as Japan’s largest crypto custodian by assets under management.

SBI Moves to Dominate Japan’s Crypto Custody Market

SBI Group is executing its purchase of Bitbank through one of its subsidiaries. The subsidiary will buy Bitbank shares from individual shareholders, including the founder, in August. Subsequently, shares held by existing stakeholders MIXI and Ceres will be acquired by the end of October.

The deal structure reflects a phased approach to consolidating ownership across multiple shareholder groups. SBI first disclosed it had begun capital and business alliance discussions with Bitbank back in May. The goal from the outset was to make Bitbank a consolidated subsidiary under SBIHD.

Once the transaction closes, the combined entity will manage roughly 2.92 million accounts across SBI VC Trade and Bitbank.

That figure is based on a simple combination of account totals as of April. Together, the two exchanges form the foundation of SBI’s expanded crypto footprint in Japan.

How SBI’s Combined Assets Stack Up Against Competitors

SBI’s projected ¥1.1 trillion in combined custody assets puts it ahead of its nearest rivals. For context, bitFlyer held approximately ¥960 billion in assets as of December 2025. Coincheck, meanwhile, reported about ¥800 billion as of March 2025.

It is worth noting that custody asset disclosure timelines differ across Japanese crypto operators. That said, the gap between SBI’s projected combined total and the next largest competitor is already substantial. The figures place SBI in a clear leadership position within Japan’s regulated crypto sector.

Bitbank currently ranks as Japan’s third-largest crypto exchange by trading volume and user base. Bringing it under the SBI umbrella adds both retail reach and trading infrastructure to an already established crypto division.

The combined group’s market position will be reinforced by SBI VC Trade’s existing operations alongside Bitbank’s independent user network.

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