🌎 Bitbank Plans IPO on Tokyo Stock Exchange Amid Crypto Boom

Crypto exchange Bitbank is preparing for an initial public offering (IPO) on the Tokyo Stock Exchange, aiming to become the second Japanese crypto exchange to seek regulatory approval to go public. Bitbank Inc., a prominent Japanese crypto trading platform, is pursuing this public listing to expand its market presence and take advantage of the increasing interest in digital assets in Japan.

According to a regulatory filing published on July 31, the trading firm aims to list on the Tokyo Stock Exchange. However, the exact timing and details of the IPO remain uncertain due to regulatory approvals and other procedural requirements.

Established in 2014, Bitbank has a capital base of ¥8.65 billion yen (approximately $60 million) as of the end of last year. The exchange has indicated that the listing could be halted depending on future evaluations and market conditions.

As of June, Bitbank’s major shareholders included its co-founder Noriyuki Hirose, holding a 30.69% stake, MIXI, Inc. with 26.99%, and Ceres Inc. with 23.05%. In 2021, Bitbank secured ¥7.5 billion in funding from MIXI and Ceres. This funding aimed to bolster its existing business and explore new ventures such as initial exchange offerings, staking, custody, non-fungible tokens (NFTs), and a payment method based on a layer-2 solution. Ceres, a Japanese marketing services provider, has been supporting Bitbank with funding since 2015, though the amount remains undisclosed.

Bitbank’s filing marks it as the second Japanese crypto exchange seeking to go public. Coincheck plans to go public on Nasdaq via a merger with special purpose acquisition company Thunder Bridge Capital Partners IV, expected to finalize in Q3 of this year.