EDX Markets Raises $76M Led by SBI Holdings

EDX Markets closed a $76 million Series C funding round led by SBI Holdings, the digital asset technology firm said Wednesday. The round backs EDX's institutional-only trading venue and central clearinghouse, a structure designed to reduce counterparty risk for members while offering firm pricing and deep liquidity.

The company operates a marketplace that combines exchange-style order books with a clearing model that nets trades before settlement. That structure is meant to minimize the capital and operational burden on member firms, a key selling point as institutional crypto trading grows. EDX is backed by a roster of trading firms and venture capital investors, though the company did not disclose full participant details for this round.

SBI Holdings, a Japanese financial conglomerate with a large crypto and blockchain portfolio, led the round. The investment signals continued institutional appetite for regulated digital asset infrastructure, particularly venues that separate execution from custody and settlement.

EDX said it will use the capital to develop new features and expand its geographic footprint. The company did not specify target markets or a timeline. The Series C brings total disclosed funding to more than $100 million, according to data from Massinvestor.

The raise comes as institutional crypto trading volumes remain elevated relative to pre-2024 levels, though below the peaks of the 2021 cycle. Several exchange-backed clearing models have launched or expanded in the past two years, competing on settlement speed, margin efficiency, and regulatory clarity. EDX's clearinghouse structure, which nets trades before final settlement, reduces the amount of collateral members must post relative to gross settlement models.

EDX did not disclose its valuation or whether the round included secondary share sales.