In crypto today, Japan’s SBI Holdings signed a $289 million deal to acquire crypto exchange BitBank, DeFi platform Abracadabra took emergency action following the 50% depegging of Magic Internet Money, 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 $289 million deal
SBI Holdings has signed a deal to acquire full control of cryptocurrency exchange BitBank through a 46.7 billion yen ($289 million) deal, advancing a deal to create the country’s largest cryptocurrency exchange first disclosed in May.
SBI announced on Thursday that its wholly-owned subsidiary SBICAH will acquire shares from BitBank CEO Noriyuki Hirosue and other shareholders before accepting the third-party allotment. After that, the exchange will buy back the shares held by MIXI and Ceres, and SBI will become 100% indirectly owned. SBI expects the transaction to close around October, subject to regulatory approvals.
The acquisition will expand SBI’s regulated crypto exchange footprint and customer base, providing the potential for new distribution channels for stablecoins, tokenized assets, and on-chain financial products.
BitBank’s daily trading volume has remained below $50 million for most of the past four months, according to CoinGecko data. Volume was dominated by the BTC/JPY pair (39.5%), followed by XRP/JPY and ETH/JPY (both 19.7%).
SBI said the combination of BitBank and SBI VC Trade will give the group approximately 1.1 trillion yen in assets under custody and approximately 2.92 million crypto accounts, based on end-April figures. The company said the combined business will rank number one among Japanese crypto exchanges in terms of assets under custody, and will be among the largest in terms of number of accounts.
BitBank’s trading volume has remained below $50 million for most of the past four months. Source: CoinGecko
Abracadabra takes emergency measures due to depegging of MIM stablecoin
Decentralized finance platform Abracadabra announced on Wednesday that it has initiated emergency measures after its crypto-backed stablecoin, Magic Internet Money (MIM), fell 50% below its pegged price of $1.
“We are aware of MIM Depeg and are taking urgent steps to remedy the situation,” the team said. said on wednesday.
The law, effective immediately, said it would begin phasing in “interest rate increases in all cauldrons, including defunct markets, to encourage debt repayments and reduce outstanding MIM supply.”
MIM’s depeg is a stark reminder that even overcollateralized DeFi stablecoins can be vulnerable in illiquid environments and bear markets, highlighting the persistent risks of crypto-backed money.
MIM depeg is above 50%. Source: CoinMarketCap
President Trump stops signing housing bill over CBDC ban
President Donald Trump has delayed signing the 21st Century ROAD to Housing Act, which also includes a ban on the Federal Reserve issuing or creating CBDCs until the end of 2030. The bill created an exception for certain dollar-denominated stablecoins, allowing private, open, and permissionless digital currency models.
President Trump has said he will not sign the SAVE America Act, a Republican-backed voting bill that would require proof of U.S. citizenship to register to vote, until Congress passes it. The housing policy received broad bipartisan support and passed the Senate 85-5 before passing the House. Even the bill’s supporters, including Senate Banking Committee Chairman Tim Scott and Sen. Elizabeth Warren, appeared to be caught by surprise by the delay.
The move raises questions about the future of other crypto-related bills, such as the CLARITY Act, which would reshape digital asset regulation in the United States.
Source: Donald Trump
