Woofun AI reports that SBI Holdings has executed agreements to secure full control of Bitbank via a 46.7 billion Japanese yen transaction, valued at $289 million. This move advances a deal first disclosed in May, positioning the combined entity as Japan's largest crypto exchange by assets. The transaction structure involves SBI's wholly owned subsidiary SBICAH purchasing shares from Bitbank CEO Noriyuki Hirosue and other stakeholders, followed by a third-party share allotment. Subsequently, the exchange will repurchase shares held by MIXI and Ceres, ensuring SBI achieves 100% indirect ownership. Regulatory clearance remains a prerequisite, with SBI targeting an October closing date.

Structurally, the acquisition significantly expands SBI's regulated footprint and customer base, creating a new distribution channel for stablecoins, tokenized assets, and onchain financial products. Bitbank's recent performance shows daily trading volume hovering below $50 million over the last four months. The trading mix is heavily concentrated, with the BTC/JPY pair accounting for 39.5% of volume, while XRP/JPY and ETH/JPY each represent 19.7%. Per Woofun AI, merging Bitbank with SBI VC Trade will consolidate approximately 1.1 trillion yen in assets under custody and roughly 2.92 million crypto accounts based on end-of-April figures.

This consolidation marks a strategic pivot for SBI to build comprehensive infrastructure spanning crypto trading, stablecoins, and tokenized financial markets. In February, SBI and Startale Group unveiled Strium, a layer-1 blockchain engineered for 24/7 trading and settlement of tokenized equities and real-world assets. On Wednesday, the partners launched JPYSC, a yen-pegged stablecoin issued by SBI Shinsei Trust Bank and distributed by SBI VC Trade. Initial circulation is restricted to transfers within SBI VC Trade accounts, with public blockchain deployment pending resolution of legal and tax conditions.

Simultaneously, Ripple and SBI Group introduced the dollar-backed Ripple USD (RLUSD) stablecoin in Japan through SBI VC Trade. RLUSD gained immediate access for both institutional and retail customers following approval under Japan's regulatory framework for foreign-issued stablecoins. The rapid succession of these product launches alongside the Bitbank acquisition signals an aggressive push to unify custody, trading, and settlement under a single domestic ecosystem. This marks the most significant consolidation in the Japanese crypto sector this year.