SBI Holdings Completes Bitbank Acquisition, Enters Crypto Exchange Business

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Japan's SBI Holdings has completed its acquisition of local cryptocurrency exchange Bitbank.

Bitbank said on Oct. 1 that it had become a wholly owned subsidiary of SBI Holdings. The exchange said it would continue operating its existing services without changes after joining the SBI Group.

Under the deal structure, Bitbank bought back treasury shares from major shareholders MIXI and Ceres, while SBI Holdings acquired its stake through an affiliate.

With the acquisition completed, Tomohiko Kondo, chief executive officer of SBI VC Trade, was appointed a director of Bitbank. Bitbank Chief Executive Officer Noriyuki Hirosue is expected to be appointed an outside director of SBI VC Trade.

SBI Holdings signed a share transfer agreement and related contracts in June for the Bitbank acquisition.