Breaking: Japan’s XRP Banking Partner SBI Holdings Signs Deal To Complete Bitbank Buyout
Highlights
- Ripple ally SBI Holdings has penned the agreement to acquire 100% of the Bitbank exchange.
- This acquisition is worth around ¥46.7 billion and is targeted to be completed by October 2026.
- SBI noted that this move will make them the largest crypto exchange provider in Japan.
SBI Holdings, Ripple’s XRP banking partner in Japan, has signed the deal to purchase crypto exchange Bitbank for around ¥46.7 billion ($288.65 million).
XRP Veteran SBI Holdings Moves To Finalize Bitbank Deal
On Thursday, June 25, the Japanese financial behemoth announced that it would buy Bitbank using its 100 percent-owned subsidiary, SBICAH LLC. As part of the transaction, SBI will have 100% stake in the exchange once all the related steps are finalized.
For XRP supporters, this acquisition is important as it builds on the efforts of a prominent crypto venture in Japan. SBI Holdings has been pushing Ripple-related projects and XRP payment solutions in its overall digital asset strategy for a decade now. Recently, the SBI Group even launched the RLUSD stablecoin in Japan after regulatory approvals.
The Bitbank deal involves SBI Group buying back 53,704 shares from the existing shareholders of Bitbank. It will also purchase another 48,952 shares as part of a capital increase. The total acquisition cost is around ¥46.7 billion, per the announcement today.
The transfer of shares is expected to be completed in August 2026. The remaining steps and capital increase are expected to be completed around October 2026. However, the deal is contingent on regulatory clearance, such as from Japan’s Fair Trade Commission.
Why Is The Bitbank Acquisition Important?
According to SBI, the Bitbank deal will enhance its crypto business in Japan. The company confirmed that it is on a mission to grow its crypto exchange business and develop stablecoins, on-chain finance, and other opportunities. Further, the buyout comes on the heels of its yen-backed JPYSC stablecoin debut on Tuesday.
In the release, SBI Group stated, “By welcoming Bitbank into our group, our group will mutually utilize the customer base, service development capabilities, security and compliance systems, and management resources of both companies.”
The Ripple partner also pointed out the size of the deal it would involve. According to data from April 2026, the joint SBI and Bitbank VC Trade will operate approximately ¥1.1 trillion worth of customer assets. Further, it would support approximately 2.92 million crypto accounts.
That would rank the group as the leader of Japanese crypto exchanges in terms of assets under management, according to SBI. Moreover, it would also boast the highest number of crypto exchange accounts in the country.
The XRP-linked Japanese conglomerate also introduced Solana trading and custody services recently. Hence, acquiring Bitbank could also help in expanding these services and adding support for other cryptocurrencies.
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