Crypto exchange Bitbank is making moves towards an initial public offering on the Tokyo Stock Exchange, following in the footsteps of Coincheck as the second Japanese crypto exchange to seek regulatory approval for a public listing.
Bitbank Inc., a prominent Japanese crypto trading platform, is looking to go public as part of its strategic plan to expand its market presence and capitalize on the growing interest in digital assets in Japan. In a regulatory filing published on July 31, the trading firm expressed its intention to debut on the Tokyo Stock Exchange, although the exact timing and details of the public offering are still pending regulatory approvals and other procedural requirements.
Founded in 2014, Bitbank boasts a solid capital base of ¥8.65 billion yen (approximately $60 million) as of the end of last year, as indicated in the filing. The exchange acknowledged that the listing could potentially be put on hold depending on future evaluations and market conditions.
Major shareholders of Bitbank as of June include co-founder Noriyuki Hirose with a 30.69% stake, MIXI, Inc. holding 26.99%, and Ceres Inc. with 23.05%. In 2021, Bitbank secured a substantial ¥7.5 billion in funding from MIXI and Ceres to further strengthen its existing business operations and explore new ventures like initial exchange offerings, staking, custody services, non-fungible tokens, and a payment method based on a layer-2 solution. Ceres, a Japanese marketing services provider, has been a supporter of Bitbank since 2015, although the exact amount of previous funding remains undisclosed.
Bitbank’s filing positions it as the second Japanese crypto exchange pursuing a public listing. Coincheck, on the other hand, is gearing up to go public on Nasdaq through a merger with special purpose acquisition company Thunder Bridge Capital Partners IV, with the completion expected in Q3 of this year.
With Bitbank’s ambitions to go public and expand its market reach, the Japanese crypto exchange landscape is set for further evolution and growth in the coming months. Stay tuned for more updates on Bitbank’s public offering journey and its impact on the digital asset industry in Japan.