1.1T yen in custody across 2.9M accounts gives SBI a distribution moat before Japan moves crypto under FIEA, cuts gains tax to 20%, and clears a path for spot BTC ETFs. Paying roughly 8x revenue for a loss-making venue only pencils if the licensed seat, Bitbank alt liquidity, and Japan Digital Asset Trust custody become rails for SBI's RLUSD/Visa/stablecoin-payments stack. If half of Japan's 27 registered exchanges disappear, the winners won't just collect fees; they'll decide which tokens get compliant JPY liquidity.

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