The Japan Financial Group (JFAG) will acquire the encryption exchange Bitbank, with a turnover of 46.7 billion yen, or approximately $289 million. After the transaction is completed, Bitbank will be integrated into the SBI system, and the head pattern of Japan's encrypted asset hosting market will change.
After the merger, it was 1.1 trillion yen.
According to the disclosure, after the completion of the transaction, the combined subject-held encrypted assets are expected to be approximately 1.1 trillion yen, or approximately $6.2 billion. This size, as described in the text, will make the SBI Japan's largest encryption asset hosting provider.
- The purchase price is 46.7 billion yen.
- $289 million
- Hostage size is expected to be approximately 1.1 trillion yen.
Bitbank will be a subsidiary of the SBI.
The company disclosed that Bitbank would become a subsidiary of the SBI pending the completion of the transaction. The information disclosed at this stage is mainly focused on the amount of the transaction and the attribution relationship upon completion, and integration will be initiated upon completion of the delivery.
SBI continues to expand digital asset operations
The merger further reinforced the layout of the SBI in the digital asset market in Japan. As exchanges and hosting operations are concentrated in large financial groups, the involvement of indigenous Japanese institutions in encryption is increasing.
Additional information:The original text did not disclose a more specific delivery schedule, nor did it indicate whether the Bitbank brand, management or business line would be adjusted after the merger.