Crypto exchange Bitbank is gearing up for an initial public offering on the Tokyo Stock Exchange, becoming the second Japanese crypto exchange to seek regulatory approval to go public.
Bitbank Inc., a Japanese crypto trading platform, is seeking to go public to expand its market presence and capitalize on the growing interest in digital assets in Japan.
According to a regulatory filing published today, the trading firm wants to go public on the Tokyo Stock Exchange, though the timing and specifics remain uncertain as they are subject to regulatory approvals and other procedural requirements.
Established in 2014, Bitbank boasts a capital base of ¥8.65 billion yen (around $60 million) as of the end of last year. The exchange noted 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 with a 30.69% stake, MIXI, Inc. holding 26.99%, and Ceres Inc. with 23.05%.
In 2021, Bitbank secured ¥7.5 billion in funding from MIXI and Ceres to double down on its existing business and new ventures like initial exchange offering, staking, custody, non-fungible tokens, and a layer-2 payment method. Unlike MIXI, Ceres, a Japanese marketing services provider, also supported Bitbank with funding as early as 2015, though the amount remains unclear.
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.
