SBI Holdings expands with Bitbank deal

State Bank of India (SBI) Holdings has announced plans to acquire Japanese cryptocurrency exchange Bitbank in a transaction valued at approximately $320 million, a move aimed at strengthening the group’s digital asset business and expanding its presence in Japan’s crypto exchange market.

The transaction has involved a basic agreement and share transfer agreements with Bitbank, its Chief Executive Officer Noriyuki Hirosue, MIXI, Inc., CERES INC., and other shareholders. State Bank of India Holdings has said its wholly owned subsidiary, SBICAH GK, will acquire Bitbank shares before subscribing to a third-party allotment of new shares.

Following the capital increase, Bitbank has planned to repurchase the shares held by MIXI and CERES as treasury shares. Once the transaction has been completed, State Bank of India Holdings is expected to indirectly own 100% of Bitbank. The acquisition remains subject to regulatory approval and other customary closing conditions.

State Bank of India Holdings has said the acquisition aligns with its strategy to strengthen its domestic cryptocurrency exchange business while expanding its digital asset capabilities, including stablecoins and on-chain finance. By combining the customer bases, technology capabilities, security and compliance frameworks, and operational resources of both companies, the group has aimed to enhance cryptocurrency trading services and broaden its digital financial offerings.

The combined business is expected to hold approximately $7.5 billion in assets under custody and serve around 2.92 million cryptocurrency accounts. State Bank of India Holdings has said this would position the group as Japan’s largest domestic cryptocurrency exchange operator by assets under custody and among the country’s leading providers by customer accounts.

The transaction is expected to create synergies across both businesses by leveraging Bitbank’s security expertise alongside State Bank of India Holdings’ broader financial services ecosystem. The company has said the acquisition will strengthen its competitiveness in the cryptocurrency and digital asset market while supporting the development of new financial services. State Bank of IndiaHoldings has added that the transaction is not expected to have a material impact on its consolidated financial results.