SBI completes $294.9 million Bitbank acquisition, merging Japan’s crypto markets

Acquisition Announcement and Timeline

On June 25, SBI Holdings disclosed that it had finalized a basic agreement together with a share transfer agreement designed to turn Bitbank into a fully owned subsidiary. From the outset, the company projected a completion date around October, and the SBI Holdings crypto expansion plan landed almost exactly on that schedule. That kind of precision matters in M&A circles, where crypto-related deals have sometimes dragged out over regulatory or valuation disputes.

Transaction Structure and Share Transfers

The ¥46.7 billion price tag didn’t come from a single transaction. Instead, SBI structured the deal in three distinct steps. First, SBICAH LLC, a wholly owned subsidiary of SBI, purchased shares from existing Bitbank shareholders, including Noriyuki Hirosue. Second, SBICAH subscribed to a third-party allotment of newly issued Bitbank shares. Third, Bitbank itself repurchased shares held by MIXI and Ceres, converting them into treasury stock. Together, these moves consolidated full ownership of Bitbank under SBI Holdings.

Management Restructuring Following Acquisition

Ownership changes typically bring boardroom changes too, and this deal is no exception. SBI has woven leadership from both companies together rather than simply replacing Bitbank’s existing management.