Cryptocurrency exchange Bitbank is preparing for an initial public offering on the Tokyo Stock Exchange, becoming the second Japanese crypto exchange to seek regulatory approval for an IPO.
Bitbank Inc., a Japanese cryptocurrency exchange, is looking to go public as part of its strategy to expand its market presence and capitalize on growing interest in digital assets in Japan.
according to Regulatory Deposit It was reported today, July 31, that the trading company wants to go public on the Tokyo Stock Exchange, although the timing and details of the IPO remain uncertain as it is subject to regulatory approvals and other procedural requirements.
Founded in 2014, Bitbank had a capital base of 8.65 billion yen (about $60 million) as of the end of last year, according to the filing. The exchange has not ruled out the possibility of halting the listing depending on future valuations and market conditions.
As of June, Bitbank’s major shareholders include co-founder Noriyuki Hirose with a 30.69% stake, MIXI, Inc. with a 26.99% stake, and Ceres Inc. with a 23.05% stake.
In 2021, BitBank Believer 7.5 billion yen in funding from MIXI and Ceres to double its existing business as well as new projects such as an initial exchange offering, storage, custody, non-fungible tokens and a layer 2 solution-based payment method. Unlike MIXI, Ceres – a Japanese company that provides marketing services – also backed Bitbank with funding as early as 2015, although the size of this funding remains unclear.
This makes Bitbank the second Japanese cryptocurrency exchange seeking to go public. Coincheck plans to go public on the Nasdaq, through a merger with special purpose acquisition company Thunder Bridge Capital Partners IV, and is expected to close in the third quarter of this year.