SBI Group announced the acquisition of Japanese crypto exchange Bitbank for approximately US$289 million

According to Nikkei Shimbun, SBI Group announced that it will acquire Japanese cryptocurrency exchange Bitbank for 46.7 billion yen (US$289 million). Through this acquisition, SBI's cryptocurrency custody balance is expected to exceed 1 trillion yen (approximately US$6.2 billion), making it the largest crypto business in Japan's industry. A subsidiary of SBI Holdings will acquire shares in Bitbank from individual shareholders such as the founder in August, and Bitbank will then acquire shares held by existing shareholders Mixi and Ceres by the end of October. Combined with SBIVCTrade's account data (as of April), the total number of consolidated accounts is approximately 2.92 million, and the total assets under custody are approximately 1.1 trillion yen. SBI Holdings disclosed in May that it was negotiating capital business cooperation on Bitbank's subsidiary.