SBI completes acquisition of Coinhako after receiving approval from Singapore MAS

日本SBI控股获新加坡监管批准，完成对Coinhako的收购

新加坡金融管理局（MAS）已批准日本SBI控股收购加密货币交易所Coinhako的计划，此举将强化这家日本金融集团在亚洲加密市场的控制力。SBI表示，在获得MAS许可后，它已收购Coinhako母公司Holdbuild的多数股权。

SBI在周四发布的公告中称，MAS的授权允许其通过注资方式从现有股东手中收购股份。由此，Coinhako将成为SBI的合并子公司，使这家日本公司能够直接控制一个在亚洲最重要金融中心之一运营的合规交易平台。

关键要点

• SBI在获得MAS批准后，收购了Coinhako母公司Holdbuild的多数股权。
• MAS授权使该交易得以通过注资完成，Coinhako成为SBI的合并子公司。
• Coinhako通过其子公司Hako Technology Pte. Ltd.持有主要支付机构牌照。
• SBI表示，将把Coinhako的客户基础和区域布局与自身的金融服务及数字资产业务（包括JPYSC）相结合。
• 交易财务条款未披露，SBI也未立即提供更多细节。

新加坡监管机构批准SBI收购多数股权

SBI's action focuses on Coinhako's corporate structure in Singapore. The exchange is held through Holdbuild, while Coinhako itself is held through Hako Technology Pte. Ltd. has obtained a major payment institution license issued by MAS. This licensing context is critical because it closely links the exchange's business activities to the regulatory framework for payment related services in Singapore.

According to the SBI announcement, the key threshold is MAS approval. Once approved, SBI purchased shares from existing shareholders through capital injection without disclosing other transaction details. With the approval completed, SBI's ownership change brought Coinhako into SBI's consolidation scope.

SBI previously outlined its intention to acquire a majority stake in February, and the market expects the transaction to require regulatory confirmation before final completion. Thursday's update marks a critical shift from planned mergers to actual execution.

Why the Coinhako platform fits into SBI's regional strategy

SBI regards Singapore as a core part of its digital asset strategy and sees the acquisition of Coinhako as an important step to strengthen its business presence in Southeast Asia. SBI said it hopes to combine Coinhako's customer base and regional network with its own financial services and digital asset business lines.

This includes SBI's JPYSC stablecoin project. Although the announcement did not provide new technical details, SBI's intentions indicate that it believes there is great value in connecting the layout of compliant exchanges with stablecoin-related settlement and mortgage workflows.

The Coinhako merger is significant to investors and market participants because it can accelerate SBI's ability to deploy its digital asset strategy outside of Japan and reduce the friction of building distribution channels from scratch in an already regulated environment-where local partners and compliance infrastructure often determine the speed of entry to the market.

SBI also mentioned post-acquisition operational steps, including plans to hold its first overseas branch managers meeting in Singapore this summer. The company's emphasis on on-site management suggests it intends to view the expansion in Singapore as an active investment rather than a passive one.

SBI's rapid deployment: acquisitions, tokenization and infrastructure construction

The Coinhako transaction comes as SBI is actively expanding its digital asset landscape through acquisitions, partnerships and blockchain projects. Earlier this month, SBI led a $76 million Series C round from institutional cryptocurrency exchange EDX Markets. SBI also plans to acquire Bitbank for US$289 million, aiming to build the combined business into one of Japan's largest cryptocurrency exchanges.

This model of acquiring regulated or institution-oriented platforms and then superimposing SBI's own technology and financial products seems to be consistent across multiple markets. In addition to the Coinhako acquisition, SBI is also advancing tokenization projects. This week, SBI teamed up with Ondo Finance to bring tokenized Japanese stocks to the market while integrating JPYSC stablecoins into the settlement and mortgage workflow.

In February, SBI and Startale Group jointly launched Strium, a Layer-1 blockchain designed around tokenized securities and real-world assets. The network is designed to support 24/7 trading and tokenized equity settlement, and SBI is expanding its infrastructure for its institutional financial applications.

Taken together, these initiatives suggest SBI is trying to connect three parts of the crypto ecosystem: compliant market access (through exchanges), asset tokenization (through securities and RWA projects), and settlement infrastructure (through stablecoins and blockchain tracks). Coinhako's acquisition is in line with this blueprint, bringing Southeast Asia's user base and transaction business into SBI's consolidated structure.

Unclear issues and follow-up concerns

Although SBI confirmed the majority equity acquisition and its regulatory basis, the company did not disclose financial terms in the announcement. SBI also did not immediately provide further transaction details.

In the coming weeks, it is worth watching how SBI integrates Coinhako into its product roadmap-in particular whether the exchange's business will be more directly tied to JPYSC clearing or other SBI-associated digital asset services. As Coinhako becomes a merged subsidiary, the next step may be reflected in operational structure adjustments, regional expansion plans, or partnerships that leverage the results of SBI institutionalization and tokenization.