SBI Group Acquires Japanese Crypto Exchange Bitbank for $289 Million

According to Nikkei Asian Review, SBI Group announced on June 25 the acquisition of Bitbank, a Japanese cryptocurrency exchange, for 46.7 billion yen ($289 million). SBI Holdings' subsidiary will begin acquiring shares from founders and individual shareholders in August, with Bitbank completing purchases of shares held by current shareholders Mixi and Ceres by end-October. Following the merger, SBI's cryptocurrency custody balance is expected to exceed 1 trillion yen ($6.2 billion), making it the largest crypto business in Japan by assets under custody.
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