Bitbank's Public Listing: A New Chapter in Japan's Crypto Industry

In a landmark move for Japan's cryptocurrency market, Bitbank, one of the country's major digital asset exchanges, is preparing to go public.

This news, revealed on July 31st by tech conglomerate Mixi, underscores the maturing landscape of digital assets in Japan and signals growing confidence in the sector.

Bitbank details

Bitbank's ownership is shared among Mixi, holding 26.99%, Ceres Inc. with 23.05%, and CEO Noriyuki Hirosue, who owns 30.69%. The exchange is known for its extensive crypto offerings, efficient remittances, and competitive fees, attracting significant investment and support from Japanese stakeholders.

Mixi's involvement dates back to September 2021, when they invested approximately 7 billion yen, making Bitbank an equity method affiliate. Similarly, Ceres Co., Ltd. established a capital and business alliance with Bitbank in 2017, focusing on the burgeoning virtual currency market.

It’s not entirely certain whether Bitbank will go public

While the precise timeline and market for the initial public offering remain undetermined, the listing is contingent on regulatory approval. Mixi cautioned that the process could be halted depending on the review's outcomes.

Mixi has a wide user base in Japan

Bitbank's public listing is expected to enhance its already popular services, which benefit from Mixi's wide user base, including 55 million users of its social networking service "mixi" and the game "Monster Strike."

This move marks a significant milestone for the Japanese crypto industry, potentially paving the way for broader acceptance and integration of digital assets into mainstream financial markets.

Changes in Japan’s economic landscape

Coinciding with this announcement, Japan's economic scene experienced significant changes. The Bank of Japan increased interest rates to 0.25% and announced a reduction in bond purchases, aiming to scale down to around ¥3 trillion ($19.6 billion) by early 2026. This decision triggered fluctuations in the cryptocurrency and equity markets, as well as the Japanese Yen, highlighting the interconnectedness of traditional and digital financial spheres.