SBI, a Japanese Securities Company, Acquires Bitpoint

Maxwell Williams
Maxwell Williams Crypto
2 Min Read

Japanese securities giant SBI has completed the takeover of crypto exchange Bitpoint. The move solidifies the company’s growing grip on the crypto market in Japan. This is the second time SBI has acquired a national rival.

SBI, Which Bought a Majority Stake in the First Phase, Will Buy the Whole Company in the Future

The company confirmed the deal in a post on its website and acquired a majority stake (51%) in Bitpoint in May 2022. SBI has also agreed to buy the remaining 49% stake in Bitpoint. The company did not disclose the amount of this share buyback.

SBI explained that it was going to make Bitpoint a “wholly owned subsidiary.” The company also owns the crypto platform TaoTao (since 2020), which was previously partly owned by Yahoo! Japan. SBI also operates SBI VC Trade, its own crypto exchange.

SBI said it would use cash from its UK-based B2C2 subsidiary to improve existing Bitpoint services. The company added that it plans to list gaming-related cryptos on the platform soon.

sbi, which bought a majority stake in the first phase, will buy the whole company in the future

Securities Companies Are Quite Interested In Entering The Crypto Market Lately

In recent years, securities companies have become increasingly keen to enter the crypto market and reduce the number of companies with which they have to compete.

Monex Group, one of SBI’s biggest rivals in the securities market, bought the Coincheck exchange in 2018. Monex has also been linked to a potential bid for trading platform FTX Japan, which will be sold by a US bankruptcy court later this year.

Other major industries active in the scene include South Korean-Japanese chat app giant Line and e-commerce giant Rakuten. These two companies manage their own exchanges.

In addition to its interests in crypto exchanges, SBI also operates a cryptocurrency mining subsidiary called SBI Crypto and the SBI-Ripple Asia blockchain network in collaboration with the American company Ripple.

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I am Maxwell - my friends call me Maxy, graduated from Pomona College in Economics. I have a highly quantitative and analytical background with work experience in corporate finance, valuations, and strategic advisory services. My diverse background has allowed me to gain experiences in various industries geographies and enabled me to acquire an international and comprehensive perspective.
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