SBI (TYO:8473) said it entered into a basic agreement with Bitbank, Noriyuki Hirosue, MIXI, and CERES to acquire the crypto asset-related business company, Bitbank, in Japan, according to a Thursday filing on the Tokyo Stock Exchange.

The financial services company said the acquisition will be through its subsidiary SBICAH and will make Bitbank its wholly owned subsidiary, strengthening its position in the digital asset market.

Separately, the company has also signed a share transfer agreement with Noriyuki Hirosue and other shareholders to acquire their shares of Bitbank, concluding the basic agreement.

The transaction is subject to conditions, with completion expected in October.