Bitbank Eyes Tokyo Stock Exchange Listing as Crypto Interest Surges

Japanese cryptocurrency exchange Bitbank is exploring the possibility of listing on the Tokyo Stock Exchange as Japanese investors increasingly turn to crypto for portfolio diversification.

Bitbank has received regulatory approval from Japan’s financial authorities. After partnering with Mixi, Inc. in 2021, following a 7.5 billion JPY funding round, Bitbank is now an equity method affiliate of Mixi and is seeking approval for a public listing.

As of mid-2024, Bitbank’s major shareholders include Noriyuki Hirosue with around 31%, Mixi with nearly 27%, and Ceres Co., Ltd. holding 23%. The timing and specifics of the potential listing are still uncertain, and there is a possibility that plans could change based on future developments.

The move comes as Japanese institutional investors are showing growing interest in cryptocurrency, with a recent Nomura Securities survey indicating that over half plan to invest in crypto in the next three years as a hedge against inflation. Additionally, the introduction of a crypto ETF in Japan could benefit the broader Asian market.

In support of innovation, the Japanese government has introduced new measures in early 2024 to foster business growth and investment. This includes tax incentives and support for startups and mid-sized enterprises, with a recent amendment allowing investment limited partnerships to include crypto assets.

As Bitbank prepares for its potential market debut, the favorable climate for crypto investments and government support are likely to boost its prospects.