Crypto Power Play: SBI Holdings Grabs Coinhako Majority After Singapore's Green Light

SBI Holdings, a prominent Japanese financial conglomerate, has officially completed its acquisition of a majority stake in Coinhako, a leading cryptocurrency platform based in Singapore. This strategic move, which received the necessary approval from the Monetary Authority of Singapore (MAS), solidifies SBI's ambitions to expand its digital asset footprint across Southeast Asia.

The acquisition was facilitated through SBI Ventures Asset Pte. Ltd., a subsidiary of SBI Holdings. The transaction involved a capital injection into Holdbuild Pte. Ltd., Coinhako's parent company, and the purchase of shares from existing shareholders. The deal officially closed on July 16, making Coinhako a consolidated subsidiary within the SBI Holdings group.

Coinhako operates its services through two main entities: Hako Technology Pte. Ltd., which holds a crucial Major Payment Institution license granted by MAS, and Alpha Hako Ltd., a crypto asset service provider registered with the British Virgin Islands Financial Services Commission. Over the past decade, Coinhako has successfully cultivated a significant customer base throughout Southeast Asia, a region that SBI Holdings now views as a foundational hub for its broader digital asset strategy.

SBI plans to leverage Coinhako’s established customer base, deep operational expertise, and extensive regional network by integrating them with its own comprehensive suite of financial services, advanced technology, and expansive global presence. This synergy is expected to create a robust digital asset corridor, initially connecting Japan and Southeast Asia. Furthermore, SBI intends to develop and offer a range of new services specifically tied to its JPYSC, a yen-denominated stablecoin. The company has also identified substantial growth opportunities in the areas of tokenization, on-chain finance, and sophisticated cross-border trading solutions.

Yoshitaka Kitao, Chairman of SBI Holdings, articulated the group's overarching vision, stating, “Our group aims to create a global corridor for digital assets by connecting exchanges around the world, enabling investors worldwide to make optimal investments without being hindered by national borders or currency barriers.” He emphasized Singapore's pivotal role in this strategy, highlighting its progressive and advanced digital asset regulatory framework.

Yusho Liu, Coinhako’s co-founder and CEO, characterized the acquisition as a logical progression for the platform. He reflected on Coinhako’s journey, noting, “For the past 10 years, we have built from the ground up Southeast Asia’s most trusted and legally compliant cryptocurrency platform in the world’s most advanced regulatory environment.” Liu expressed confidence that SBI’s backing would provide Coinhako with an even stronger foundation for future growth and innovation.

This acquisition is the latest in a series of strategic maneuvers by SBI Holdings in the cryptocurrency sector. The conglomerate, which boasts over 14 million users and manages more than $308 billion in assets under custody, has been highly active recently. In the past month alone, SBI led a $76 million Series C funding round for EDX Markets, provided backing to risk manager Gauntlet, officially launched its JPYSC stablecoin, and forged a partnership with the Solana Foundation to develop an on-chain financial market in Japan. Further underscoring its aggressive expansion, in June, the group agreed to acquire Tokyo-based exchange Bitbank for approximately $289 million. Most recently, SBI collaborated with Ondo Finance to explore the tokenization of Japanese equities.

Despite these significant advancements, one operational limitation currently exists: the JPYSC stablecoin does not yet support withdrawals to external wallets. This means its utility is presently confined to transactions within SBI’s own platform.