SBI Holdings Acquires Full Control of Bitbank in $289 Million Deal
By
@cointelegraph
Summary
Japan's SBI Holdings is acquiring full control of crypto exchange Bitbank in a $289 million (¥46.7 billion) deal, creating the country's largest crypto exchange. SBI's subsidiary SBICAH will acquire shares from Bitbank's CEO and other shareholders, with the exchange buying back shares from MIXI and Ceres, resulting in 100% indirect ownership by SBI. The transaction is expected to close around October, adding a regulated crypto exchange to SBI's growing stablecoin and tokenization ecosystem.
Source
bskySBI Holdings Acquires Full Control of Bitbank in $289 Million Dealcointelegraph.comKey quotes
· 4 pulledSBI Holdings has signed agreements to acquire full control of crypto exchange Bitbank through a 46.7 billion Japanese yen ($289 million) transaction
SBI said that its wholly owned subsidiary SBICAH will acquire shares from Bitbank CEO Noriyuki Hirosue and other shareholders before subscribing to a third-party share allotment
The exchange will then buy back shares held by MIXI and Ceres, leaving SBI with 100% indirect ownership
SBI expects the transaction to close around October
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