SBI Group to Acquire Japan's Bitbank for $289 Million on June 25

SBI Group announced on June 25 it will acquire Japanese cryptocurrency exchange Bitbank for 46.7 billion yen, or approximately $289 million. The transaction will see SBI purchase shares from individual shareholders, including the founder, as early as August, with Bitbank acquiring existing shareholder stakes by end of October to become a wholly owned SBI subsidiary.

The combined entity will have approximately 2.92 million user accounts and 1.1 trillion yen in assets under management, positioning SBI among Japan's largest crypto exchange operators. The acquisition coincides with Ripple USD (RLUSD) receiving official approval in Japan and launching through SBI VC Trade, with XRPL now holding more RLUSD on-chain ($801 million) than Ethereum ($795 million).