SBI Holdings Confirms Bitbank Acquisition LOI; Visa Crypto Card Offers 10% BTC/ETH/XRP Rewards

SBI Holdings submitted a letter of intent on May 1, 2026, to acquire shares in Bitbank and establish it as a consolidated subsidiary after 3-6 months of due diligence, potentially closing by year-end, as confirmed in May 2 coverage. This builds on SBI VC Trade's April 2026 merger with Bitpoint Japan amid Japan's regulatory evolution, including the April 10 Cabinet approval of Financial Instruments and Exchange Act amendments enabling crypto ETFs by 2028. Concurrently, SBI Group and Visa launched a credit card on May 1 offering up to 10% rewards in BTC, ETH, or XRP for Gold users (2.5% standard), tied to an SBI VC Trade account, targeting retail adoption in a market where Bitbank processes ~$50M daily volumes. BTC trades near $78K with supportive sentiment.