Japanese crypto exchange Bitbank eyes IPO on Tokyo Stock Exchange

Cryptocurrency exchange Bitbank is preparing to go public on the Tokyo Stock Exchange, becoming the second Japanese cryptocurrency exchange to seek regulatory approval for an IPO.

Japan-based cryptocurrency trading platform Bitbank Inc. is aiming to go public in a bid to capitalize on the growing interest in digital assets in Japan and expand its market presence.

The trading firm is looking to go public on the Tokyo Stock Exchange, but the timing and details of the IPO remain unclear as it is subject to regulatory approvals and other procedural requirements, according to a regulatory filing published today, July 31.

Founded in 2014, Bitbank had a capital base of 8.65 billion yen (about $60 million) at the end of last year, according to the filing. The exchange did not rule out the possibility that the listing could be halted depending on future evaluations and market conditions.

As of June, Bitbank’s major shareholders include co-founder Noriyuki Hirose with a 30.69% stake, MIXI, Inc. with a 26.99% stake, and Ceres Inc. with a 23.05% stake.

Bitbank has raised ¥7.5 billion in financing from MIXI and Ceres to double down on its existing business and new initiatives, such as an initial exchange offering, staking, custody, non-fungible tokens, and a payment method based on a layer-2 solution, in 2021. Unlike MIXI, Ceres, a Japanese marketing services provider, also supported Bitbank with financing as early as 2015, but the amount of that financing remains unclear.

Bitbank’s filing makes it the second Japanese crypto exchange to seek an IPO. Coincheck plans to go public on Nasdaq through a merger with special purpose acquisition company Thunder Bridge Capital Partners IV, which is expected to close in Q3 of this year.