SBI Holdings has agreed to acquire Japanese cryptocurrency exchange Bitbank for JPY 46.7 billion, a deal that would make the financial conglomerate the largest domestic crypto asset custodian by assets under custody.

The Tokyo-listed firm said its board resolved on Wednesday to enter into a basic agreement and share transfer agreement to acquire Bitbank through its wholly owned subsidiary SBICAH GK, with the transaction expected to complete in or around October 2026, subject to clearance from the Japan Fair Trade Commission.

Upon completion, the combined entity would hold approximately JPY 1.1 trillion in assets under custody and around 2.92 million crypto asset accounts, based on a simple aggregation of figures from SBI VC Trade and…