Japanese financial giant SBI Holdings has agreed to acquire crypto exchange Bitbank for about ¥46.7 billion ($289 million), absorbing it as a wholly owned SBI subsidiary.

Once it closes around October, the deal lifts SBI's crypto custody balance past ¥1 trillion (~$6.2 billion), making it the largest crypto business in Japan.

SBI will buy out individual shareholders first, then stakes from Mixi and Ceres; Bitbank says its services will run unchanged through the transition.