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Cryptocurrency exchange Bitbank is preparing for an initial public offering on the Tokyo Stock Exchange, becoming the second Japanese cryptocurrency exchange to seek regulatory approval to go public.
Bitbank Inc., a Japanese cryptocurrency 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 regulatory document Published today, July 31, the trading company wants to go public on the Tokyo Stock Exchange, although the timing and details of the public offering remain uncertain as they are subject to regulatory approvals and other procedural requirements.
Bitbank, founded in 2014, had a capital base of ¥8.65 billion yen (about $60 million) at the end of last year, according to the filing. The exchange did not rule out the possibility that the listing could be halted depending on future assessments and market conditions.
As of June, Bitbank's top shareholders included its co-founder Noriyuki Hirose with a 30.69% stake, MIXI, Inc. with 26.99% and Ceres Inc. with 23.05%.
In 2021, Bitbank insured ¥7.5 billion in funding for MIXI and Ceres to double down on their existing business, as well as new ventures such as initial exchange offering, staking, custody, non-fungible tokens, and a payment method based on a layer-2 solution. Unlike MIXI, Ceres, a Japanese marketing services provider, also supported Bitbank with funding as early as 2015, although the amount of that funding remains unclear.
Bitbank’s filing makes it the second Japanese cryptocurrency exchange seeking to go public. Coincheck plans to list on Nasdaq, through a merger with special purpose acquisition company Thunder Bridge Capital Partners IV, which is expected to close in the third quarter of this year.
