Bitbank, a cryptocurrency exchange, intends to list on the Tokyo Stock Exchange.
More than half of Japan’s institutional investors are developing an interest in cryptocurrency exposure.
The Tokyo Stock Exchange may consider listing Japanese crypto exchange Bitbank. The decision coincides with the growing interest of high-net-worth investors in Japan in cryptocurrency as a means of diversifying their portfolios.
Japan’s financial authority has authorized Bitbank’s operations since 2014. Following a funding round that raised 7.5 billion JPY in 2021, the crypto exchange formed a partnership with Mixi, Inc. Bitbank, an equity method affiliate of Mixi, is currently awaiting sanction from Japanese regulators to list.
Bitbank has three primary shareholders as of June 2024. Noriyuki Hirosue currently possesses approximately 31%, Mixi has nearly 27%, and Ceres Co., Ltd. is at 23%. According to reports, the timing and location of Bitbank’s listing remain uncertain, and there is always a possibility that they may abandon the project if plans do not materialize.
In the interim, Bitbank’s timing was impeccable. According to a recent survey conducted by Nomura Securities, which was previously cited by Cryptopolitan, more than half of Japan’s institutional investors intend to acquire exposure to cryptocurrency within the next three years. They are considering cryptocurrency as a type of inflation hedge. In the interim, the broader Asian market could experience additional advantages if Japan implements a crypto ETF.
In addition, the Japanese government is attempting to promote innovation. The cabinet had previously advocated for the establishment of new enterprises and investment by means of a law in 2024. In addition to measures to improve Japan’s competitiveness in research and development, the bill also included long-term, large-scale tax measures for investment and production in critical sectors, as well as support for mid-sized enterprises and entrepreneurs.
The bill included a partial amendment that aimed to expand the list of assets that investment limited partnerships (LPS) could acquire and hold to include crypto assets. This change is particularly noteworthy.
Therefore, as Bitbank prepares for its prospective stock market début, the situation is improving, as Japan’s major investors are increasingly interested in cryptocurrency and the government is providing incentives to innovative sectors.
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