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Securities Giant SBI Snaps up Controlling Stake in One of its Crypto Rivals, BITPoint
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The Japanese securities and banking giant SBI Holdings has made another key M&A move – and will snap up a controlling interest in BITPoint, one of the domestic rivals to its SBI VC Trade crypto trading platform.Per Nikkei, BITPoint’s operator, the loyalty point provider Remixpoint, has stated that it will “form a capital and business alliance” with SBI in an attempt to “expand” its business through crypto “collaboration.”This deal will involve SBI buying a 5% stake in Remixpoint and a controlling 51% stake of 65,484 shares for a sum of USD 98.6m.
This will grant SBI “more than half of the total voting rights” at BITPoint. The report stated that BITPoint’s market value was estimated at over USD 193m.
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