Cryptocurrency exchange Bitbank is preparing for an initial public offering (IPO) on the Tokyo Stock Exchange, becoming the second Japanese cryptocurrency exchange to seek regulatory approval for a listing.
Japanese cryptocurrency trading platform Bitbank Inc. is pursuing an IPO as part of a strategy to expand its market presence by taking advantage of the growing interest in digital assets in Japan.
According to a regulatory filing released today, July 31, the trading company is pursuing a listing on the Tokyo Stock Exchange, but the timing and specifics of the offering remain uncertain as regulatory approvals and other procedural requirements apply.
Founded in 2014, Bitbank boasted a capital of 8.65 billion yen (about 60 million dollars) as of the end of last year. The exchange did not rule out the possibility of the listing being suspended in the future depending on the evaluation and market conditions.
As of June, Bitbank’s major shareholders are 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 yen in funding from MIXI and Ceres to focus on existing and new businesses, such as initial exchange listings, staking, custody, non-fungible tokens, and payment methods based on layer 2 solutions. Unlike MIXI, Ceres, a Japanese marketing service provider, also funded Bitbank in early 2015, but the size of the funding is unclear.
Bitbank’s application makes it the second Japanese cryptocurrency exchange to pursue a listing. Coincheck plans to list on Nasdaq through a merger with special purpose acquisition company Thunder Bridge Capital Partners IV, which is expected to be completed in the third quarter of this year.