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Japanese Cryptocurrency Exchange Bitbank Eyes IPO on Tokyo Stock Exchange
Cryptocurrency exchange Bitbank is preparing for an initial public offering on the Tokyo Stock Exchange, becoming the second Japanese cryptocurrency exchange to seek regulatory approval to list on the exchange.
Bitbank Inc., a Japanese cryptocurrency trading platform, plans to go public as part of its strategy to expand its market presence and capitalize on growing interest in digital assets in Japan.
According to a regulatory filing released today, July 31, the trading firm seeks to list on the Tokyo Stock Exchange, although the timing and details of the public offering remain uncertain, as they are subject to regulatory approvals and other procedural requirements.
Founded in 2014, Bitbank boasts a capital base of 8.65 billion yen (about $60 million) as of late last year, according to filings. The exchange has not ruled out the possibility that the listing could be halted depending on future valuations and market conditions.
As of June, Bitbank’s major shareholders included co-founder Noriyuki Hirose with a 30.69% stake, MIXI, Inc. with 26.99%, and Ceres Inc. with 23.05%.
In 2021, Bitbank insured 7.5 billion yen in financing from MIXI and Ceres to double its existing business and new ventures such as Initial Exchange Offer, staking outcustody, non-fungible tokens and a payment method based on a layer-2 solution. Unlike MIXI, Ceres, a Japanese marketing services provider, also supported Bitbank with funding as early as 2015, although the amount of that funding is still unclear.
Bitbank’s filing makes it the second Japanese cryptocurrency exchange seeking to go public. Coincheck plans to list on the Nasdaq, through a merger with special purpose acquisition company Thunder Bridge Capital Partners IV, which is expected to close in the third quarter of this year.