In a groundbreaking development, bitFlyer, a major Japanese cryptocurrency exchange, is set to acquire FTX Japan. The acquisition plan for the local subsidiary of the globally renowned but now bankrupt FTX exchange was under wraps till now. However, this acquisition is currently in the final stages of arrangement.
According to sources close to the matter, bitFlyer’s parent company has stepped forward to acquire FTX Japan. The acquisition process is closely tied to the ongoing procedures in the US court handling FTX bankruptcy.
BitFlyer is expected to purchase all shares of FTX Japan. Furthermore the Japanese crypto exchange will assume control of its business operations, according to local media NHK. The acquisition price is anticipated to be in the range of several billion yen, reflecting the strategic value of FTX Japan’s market position.
In the aftermath of the 2022 bankruptcy, FTX sought a buyer for its Japanese subsidiary. Hence, the acquisition by bitFlyer is seen as a critical step towards consolidating the market. Moreover, bitFlyer is expected to heavily rebrand the FTX subsidiary to earn consumer trust lost due to the ongoing legal trouble.
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