SBI’s latest move—snapping up bitbank with 46.7 billion yen—looks set to shake up Japan’s crypto landscape. Its custody scale is going straight to the top, and the entry of traditional financial giants is a whole different story.

CoinWorld News, according to Nikkei News, Japanese financial group SBI announced that it will spend 46.7 billion yen (approximately $289 million) to acquire crypto asset exchange bitbank. According to the plan, a subsidiary of SBI Holdings will purchase shares from bitbank's founders and individual shareholders in August, and bitbank will then buy back shares held by Mixi and Ceres by the end of October. After the acquisition, bitbank will become a consolidated subsidiary of SBI. The total custody assets after the merger are expected to reach approximately 1.1 trillion yen (approximately $6.2 billion), ranking first in Japan's crypto industry.