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Today in crypto, Japan’s SBI holdings signed a $289 million deal to acquire cryptocurrency exchange Bitbank, DeFi platform Abracadabra took emergency action after its Magic Internet Money depegged 50%, while US President Donald Trump postponed signing a housing bill that includes a ban on central bank digital currencies (CBDCs).
SBI to acquire Bitbank in $289M deal
SBI Holdings has signed agreements to acquire full control of crypto exchange Bitbank through a 46.7 billion Japanese yen ($289 million) transaction, advancing a deal first disclosed in May that would create the country’s biggest crypto exchange.
On Thursday, SBI said that its wholly owned subsidiary SBICAH will acquire shares from Bitbank CEO Noriyuki Hirosue and other shareholders before subscribing to a third-party share allotment. The exchange will then buy back shares held by MIXI and Ceres, leaving SBI with 100% indirect ownership. SBI expects the transaction to close around October, subject to regulatory clearance.
The acquisition would expand SBI’s regulated crypto exchange footprint and customer base, giving it another potential distribution channel for the stablecoins, tokenized assets and onchain financial products.
Bitbank’s daily trading volume has hovered below $50 million for most of the last four months, CoinGecko data showed. Volume is dominated by the BTC/JPY pair (39.5%), followed by XRP/JPY and ETH/JPY (both at 19.7%).
SBI said combining Bitbank with SBI VC Trade would give the group about 1.1 trillion yen in assets under custody and roughly 2.92 million crypto accounts, based on figures from the end of April. The company said the combined business would rank first among Japanese crypto exchanges by assets under custody and among the largest by account numbers.
Bitbank trading volume has hovered below $50 million for most of the last four months. Source: CoinGecko
Abracadabra takes emergency action as MIM stablecoin depeg worsens
Decentralized finance platform Abracadabra said Wednesday that it launched emergency measures after its crypto-collateralized stablecoin, Magic Internet Money (MIM), fell 50% below its $1 peg.
“We’re acutely aware of the MIM depeg and are taking emergency actions to remedy the situation,” the team said on Wednesday.
It said effective immediately, it will begin gradually “increasing interest rates across all Cauldrons, including deprecated markets, to encourage debt repayment and reduce the outstanding MIM supply.”
The MIM depeg is a stark reminder that even overcollateralized DeFi stablecoins can be fragile in thin-liquidity environments and bear markets, underscoring the persistent risks of crypto-backed money.
MIM depeg exceeds 50%. Source: CoinMarketCap
Trump cancels signing of Housing bill with CBDC ban
US President Donald Trump has postponed the signing of the 21st Century ROAD to Housing Act, a housing affordability bill that also included a ban on the Federal Reserve issuing or creating a CBDC through the end of 2030. The measure carved out an exception for certain dollar-denominated stablecoins, allowing private, open, and permissionless digital currency models.
Trump said he would not sign the legislation until Congress passes the SAVE America Act, a Republican-backed voting bill that would require proof of US citizenship for voter registration. The housing package had broad bipartisan support and passed the Senate 85-5 before clearing the House. Even supporters of the bill, including Senate Banking Committee Chair Tim Scott and Senator Elizabeth Warren, appeared caught off guard by the delay.
The move raises questions about the future of other crypto-related legislation, including the CLARITY Act, which would reshape digital asset regulation in the US.
Source: Donald Trump