Key facts
- SBI Group acquired a majority stake in Singapore-based crypto platform Coinhako.
- SBI Group is partnering with Ondo Finance to tokenize Japanese equities and other assets.
- SBI Group is partnering with the Solana Foundation to focus on stablecoin issuance and real-world asset tokenization.
- SBI Group plans to acquire Tokyo exchange Bitbank for approximately $289 million.
- SBI Group's strategy aims to control the entire digital asset value chain across Asia.
Japan's SBI Group is aggressively expanding its digital asset operations across Asia, aiming to establish the region's first comprehensive cross-border digital asset ecosystem. The financial services conglomerate announced several key moves this week, including acquiring a majority stake in Singapore-based crypto platform Coinhako, which holds a Major Payment Institution license from the Monetary Authority of Singapore.
In parallel, SBI Group is forging strategic partnerships with Ondo Finance and the Solana Foundation. The collaboration with Ondo Finance focuses on tokenizing Japanese equities and other real-world assets using SBI's JPYSC stablecoin for settlement. The partnership with the Solana Foundation will see the foundation take an equity stake in SBI R3 Japan, which will be rebranded as SBI Solana Global. This new entity will concentrate on issuing stablecoins and tokenizing assets like corporate bonds and real estate.
SBI Group CEO Yoshitaka Kitao stated the company's ambition is to create a global corridor for digital assets by connecting exchanges worldwide. This strategy is designed to integrate traditional financial markets with blockchain infrastructure, positioning SBI to control the full digital asset value chain, from issuance and settlement to trading and retail distribution across the region.
Further bolstering its exchange infrastructure, SBI Group has agreed to acquire Tokyo-based cryptocurrency exchange Bitbank for approximately $289 million, a deal expected to close in October pending regulatory approval. This follows SBI's prior acquisition of crypto exchange Bitpoint in 2022. The company also recently led a $76 million Series C funding round for institutional exchange EDX Markets and a $25 million Series C round for crypto risk manager Gauntlet.
Industry observers note SBI's long-term approach, focusing on building foundational infrastructure rather than speculating on short-term market cycles. Joseph Goh of Areta highlighted the strategic importance of yen-based on-chain settlement, a key objective for SBI. Sota Watanabe of Startale Group added that SBI's continued investment signals growing institutional confidence in blockchain as financial infrastructure, with Japan well-positioned to lead due to its regulatory environment.