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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 as part of its strategy to expand its market presence and capitalize on the growing interest in digital assets in Japan.
According to a <a href="https://pdf.irpocket.com/C2121/EyBn/mvjM/NFWr.pdf" target="_blank" rel="noopener noreferrer nofollow">regulatory filing</a> published today, July 31, the trading firm wants to go public on the Tokyo Stock Exchange, although the timing and specifics of the public offering 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, per the filing. The exchange didn’t rule out the possibility that the listing could be halted depending on future evaluations and market conditions.
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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 <a href="https://bitbank.cc/announcement/20210902_01/" target="_blank" rel="noopener noreferrer nofollow">secured</a> ¥7.5 billion in funding from MIXI and Ceres to double down on its existing business as well as new ventures such as <a href="https://crypto.news/tag/ieo/" target="_blank" rel="noopener noreferrer nofollow">initial exchange offering</a>, <a href="https://crypto.news/tag/staking/" target="_blank" rel="noopener noreferrer nofollow">staking</a>, custody, <a href="https://crypto.news/tag/nft/" target="_blank" rel="noopener noreferrer nofollow">non-fungible tokens</a> and a payment method based on a <a href="https://crypto.news/tag/layer-2/" target="_blank" rel="noopener noreferrer nofollow">layer-2</a> solution. Unlike MIXI, Ceres —&nbsp;a Japanese marketing services provider — also supported Bitbank with funding as early as 2015, though the amount of that funding remains unclear.
Bitbank’s filing makes it the second Japaneses crypto exchange seeking to go public. Coincheck <a href="https://crypto.news/japanese-crypto-exchange-coincheck-sets-q3-as-deadline-for-going-public-on-nasdaq/" data-type="post" data-id="14271138" target="_blank" rel="noopener noreferrer nofollow">plans</a> 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.
Read more: <a href="https://crypto.news/bitflyer-to-launch-custodian-crypto-business-after-ftx-japan-buyout/" rel="noopener noreferrer nofollow"> Bitflyer to launch custodian crypto business after FTX Japan buyout </a>

Japanese crypto exchange Bitbank eyes IPO on Tokyo Stock Exchange

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