Just-In: Japanese Crypto Giant Bitbank Prepares To Go Public
Bitbank, one of the country’s major digital asset exchanges, prepares to go public. This development, announced by tech giant Mixi on July 31st, marks a pivotal moment in the evolution of Japan’s crypto industry.
As they take steps towards a potential stock market listing, it not only highlights the growing maturity of the crypto market in Japan but also signals increasing confidence in digital asset businesses.
Bitbank’s Initial Public Listing Announcement
In a significant development for the cryptocurrency market in Japan, Bitbank, one of the country’s leading crypto exchange, is preparing to go public. This news was announced on July 31st by Mixi, a major player in Japan’s IT sector, listed on the Tokyo Stock Exchange Prime Market.
As the exchange is known for their comprehensive crypto asset offerings, robust order book, swift remittances, and competitive transaction fees, they have gained substantial support from prominent Japanese investors. The exchange’s current ownership structure includes Mixi (26.99%), Ceres Inc. (23.05%), and Bitbank CEO Noriyuki Hirosue (30.69%).
While the exact timing and market for the listing have not been determined, the move is subject to approval from relevant authorities. Mixi cautioned that the listing could be cancelled depending on the outcomes of the preparation process review.
This development follows Mixi’s significant investment of approximately 7 billion yen in the exchange through a third-party allotment of new shares in September 2021, which made the exchange an equity method affiliate of Mixi. Similarly, Ceres Co., Ltd. entered into a capital and business alliance with the exchange in July 2017, focusing on virtual currency-related businesses.
Mixi, with its social networking service “mixi” and popular social game “Monster Strike” boasting 55 million users, brings considerable clout to this venture. As the exchange moves towards public listing, industry observers anticipate further enhancements to its already well-received services.
This development marks a significant milestone in the Japanese cryptocurrency landscape, potentially setting the stage for increased mainstream acceptance and integration of crypto businesses in the country’s financial markets.
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Recent Economic Developments in Japan
Concurrent with the already stated announcement, Japan’s economic landscape saw significant shifts. The Bank of Japan announced an interest rate hike and a reduction in bond purchases, causing ripples in the crypto market.
According to earlier report by Coingape, this led to Bitcoin’s price briefly dropping to $65,500 before recovering above $66,000. Specifically, the Bank of Japan raised interest rates to 0.25% and announced plans to reduce its monthly bond purchases to around ¥3 trillion ($19.6 billion) by the first quarter of 2026.
This move caused volatility not only in Bitcoin but also in equity markets and the Japanese Yen. Interestingly, analysts had predicted a more aggressive reduction in the bond-buying program, making this development particularly noteworthy for market observers.
Also Read: ADA & Three Other Crypto Faces Delisting On Binance, Brace For Market Impact
The post Just-In: Japanese Crypto Giant Bitbank Prepares To Go Public appeared first on CoinGape.
