SBI Holdings Builds Onchain Finance Footprint in Asia

Over the past months, Tokyo-based SBI Holdings has made multiple crypto investments and acquisitions. This month it was the sole investor in Gauntlet's $125 million Series C and in EDX Markets' $76 million Series C. Last month SBI agreed to buy Japanese crypto exchange Bitbank for nearly $289 million. In February it took a controlling stake in Singapore-based exchange Coinhako. The company also participated in funding rounds for Digital Asset ($355 million), Morpho ($175 million) and Circle's $222 million Arc token presale. SBI launched JPYSC, a yen stablecoin backed by a trust bank.

An SBI spokesperson described the activity as part of a group-wide plan to build onchain finance capabilities. The spokesperson said the group aims to ‘drive the onchain transformation' and offer services from exchange desks to asset tokenization and market platforms.

Joseph Goh, director and head of Asia Pacific at Areta, said the firm is linking issuance, settlement, infrastructure, asset management and retail distribution across borders. He added that combining Gauntlet's onchain risk and optimization tools with Bitbank and Coinhako's distribution could create a large onchain asset management capability in Asia. Goh called the investments ‘buying the plumbing of the next financial system.'

Settlement and payments are a focus. SBI launched JPYSC, joined a joint venture to distribute USDC in Japan, and SBI Shinsei Bank joined the Partior blockchain network to issue tokenized deposits for cross-border payments. Goh said owning the yen leg of onchain settlement would be strategically important in the region.

Regulatory changes in Japan have influenced timing. Lawmakers advanced legislation to reclassify cryptocurrencies as regulated financial instruments, allow products such as exchange-traded funds and lower the maximum capital gains tax on crypto to 20% from 55% starting in 2028. The bill is expected to take effect next year after upper house approval.

Market conditions also factored into the strategy. Executives from GSR and Neoclassic Capital noted lower valuations and less competition in the current market, making it possible to acquire assets at lower prices. Mike Bucella of Neoclassic Capital said firms investing in downturns can gain if asset values recover.

SBI's transactions include strategic partnerships as well as capital. Tarun Chitra, Gauntlet's co-founder and CEO, said SBI will provide distribution and market access across Japan and Asia, helping Gauntlet reach banks, fintechs and tokenization projects and expand stablecoin coverage beyond the dollar and euro. Tony Acuña-Rohter, EDX Markets' CEO, said his company is engaging with SBI's broader digital asset ecosystem to explore trading, clearing and settlement integration.

Advisers highlighted execution and regulatory risks. Yat Siu, co-founder of Animoca Brands, cautioned that the speed of regulatory change and institutional adoption will affect when returns appear. Goh noted that acquiring regulated exchanges reduces some integration risk and that minority investments are structured to limit direct integration challenges.

Industry participants expect other traditional financial firms to make similar investments in jurisdictions with clearer rules. Chitra expects brokerages and asset managers with large retail bases to move first, and Goh pointed to South Korea as a market to watch for comparable strategies.