Japanese crypto exchange Bitbank eyes IPO on Tokyo Stock Exchange

Crypto trade Bitbank is gearing up for an preliminary public providing on the Tokyo Inventory Alternate, changing into the second Japanese crypto trade to hunt regulatory approval to go public.

Bitbank Inc., a Japanese crypto buying and selling platform, is seeking to go public as a part of its technique to develop its market presence and capitalize on the rising curiosity in digital property in Japan.

In response to one regulatory filing Revealed at this time, July 31, the buying and selling firm plans to record on the Tokyo Inventory Alternate, though the timing and particulars of the general public providing stay unsure as it’s topic to regulatory approvals and different procedural necessities.

Based in 2014, Bitbank has a capital base of ¥8.65 billion yen (about $60 million) on the finish of final 12 months, based on the submitting. The trade didn’t rule out the chance that the itemizing may very well be delisted relying on future assessments and market circumstances.

As of June, Bitbank’s main 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 secured ¥7.5 billion in funding from MIXI and Ceres to double present operations, in addition to new ventures reminiscent of preliminary trade choices, staking, custody, non-fungible tokens and a fee methodology primarily based on a layer 2 answer. Not like MIXI, Ceres – a Japanese advertising companies supplier – backed Bitbank with funding again in 2015, though the quantity of that funding stays unclear.

Bitbank’s submitting makes it the second Japanese crypto trade to hunt an IPO. Coincheck plans to go public on Nasdaq by means of a merger with particular objective acquisition firm Thunder Bridge Capital Companions IV, which is predicted to shut within the third quarter of this 12 months.