SBI Holdings closes Coinhako purchase, gains MAS-licensed crypto base

SBI holds more than 14 million users and about $308 billion in assets under custody. Coinhako gains access to a financial group that spans banking, securities and digital assets. Coinhako co-founder and chief executive Yusho Liu called the transaction a natural step. “Joining the SBI Group is a natural step for Coinhako to move to the next stage of growth,” Liu said.

The Coinhako deal capped a busy week for SBI. On July 15, the company paired with Ondo Finance to tokenize Japanese equities and other assets, using its yen stablecoin JPYSC for settlement. It also struck a deal with the Solana Foundation, which will take an equity stake in SBI R3 Japan. That joint venture will be renamed SBI Solana Global and focus on stablecoin issuance and putting real-world assets such as corporate bonds and real estate on-chain.

In June, SBI agreed to buy Tokyo exchange Bitbank for about $289 million, a purchase expected to close in October if regulators approve. The company also bought Bitpoint in 2022, led a $76 million Series C round for institutional venue EDX Markets, and invested in a $25 million Series C for risk manager Gauntlet.

Sota Watanabe, chief executive of Startale Group, posted on X that “SBI will become the largest crypto native company in APAC.” He said his aim at SBI Startale is to build an on-chain economy within the group over the coming years.