Sumitomo Mitsui Trust Bank has agreed to acquire all shares of Japan Digital Asset Trust Preparation Co., Ltd. (JADAT) from crypto exchange operator Bitbank, with completion scheduled for Oct. 1. The transaction will make JADAT a wholly owned subsidiary of the bank after its establishment as a joint venture between Sumitomo Mitsui Trust and Bitbank for digital-asset management services. JADAT has been positioned as part of a trust-company concept for custody of crypto assets, security tokens and non-fungible tokens (NFTs). Following the acquisition, the bank plans to apply for a managed trust business license and begin operations as soon as possible. The transfer price was not disclosed. SBI Holdings, which is advancing a process to make Bitbank a wholly owned subsidiary, published the prior announcement on its website on the 25th.