Summary
SBI Holdings is executing a multi-jurisdiction exchange roll-up strategy: Coinhako (Singapore, MAS-licensed, closed July 2026), Bitbank (Japan, ~$289M, targeting October 2026 close), and EDX Markets (US, $76M Series C). Combined with JPYSC (yen-backed stablecoin developed with Startale) and tokenized asset products on Solana, SBI is building an integrated crypto network spanning three of the world's most important regulated markets.
Key Points
- Coinhako (Singapore): 480,000+ users, MAS MPI license for DPT and cross-border remittance. Deal closed July 16, 2026. Co-founders remain. SBI will layer stablecoins and tokenized securities onto Coinhako's customer base.
- Bitbank (Japan): Japan's largest domestic exchange by volume. ~$289M acquisition targeting October 2026 close. Regulatory hurdles remain. Anchors the Japan leg of the network.
- EDX Markets (US): Institutional crypto exchange. SBI led $76M Series C. Provides US institutional access.
- JPYSC: Yen-backed stablecoin developed with Startale. Earmarked for settlement and collateral within the combined group. Potential integration with Coinhako's regional network.
- Tokenized products: SBI Japan High Dividend Equity Strategy Token launched on Solana via DigiFT (July 14, 2026). First time a Japanese asset manager's listed-equity strategy has been brought on-chain through regulated infrastructure.
- Scale: SBI manages $308B+ in assets across 14M+ customer accounts. Distribution that most crypto-native operators cannot replicate.
- Strategic logic: Stablecoins and tokenized assets flow across the network rather than sitting in isolated liquidity pools. Investors trade across borders without currency constraints.