PANews reported on May 1 that, according to The Block, Japanese financial group SBI Holdings is in talks with cryptocurrency exchange Bitbank regarding a potential acquisition, with plans to incorporate it into a merged subsidiary to strengthen its presence in the Japanese cryptocurrency market.

SBI Chairman and President Yoshitaka Kitao stated that the company has submitted a letter of intent to acquire Bitbank and has formally initiated discussions regarding capital and business cooperation. The share acquisition will proceed after due diligence and internal approval processes are completed; the specific transaction structure and timeline are still under further negotiation.

Bitbank is one of Japan's leading cryptocurrency trading platforms. Since its establishment in 2014, it has not experienced any major hacking incidents and focuses on security and compliance capabilities. As crypto assets are increasingly incorporated into the regulatory framework of the Financial Instruments and Exchange Act, SBI believes that acquiring Bitbank will help further solidify its competitive position in the Japanese cryptocurrency market.

This acquisition negotiation also continues SBI's strategic push to integrate its crypto business. The group recently merged Bitpoint Japan into its subsidiary SBI VC Trade to improve operational efficiency and profitability. Furthermore, Bitbank recently launched Japan's first credit card supporting crypto asset payments, allowing users to use assets such as Bitcoin based on their account holdings and earn up to 0.5% crypto cashback.