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SOL Japan's SBI Holdings completes majority acquisition of Coinhako
Japan's SBI Holdings announced on Thursday that it has completed the acquisition of a majority stake in cryptocurrency trading platform Coinhako after passing regulatory review. The transaction gives the Japanese financial institution a licensed base to conduct digital asset services in Southeast Asia.
This transaction was approved through SBI Ventures Asset Pte. Ltd., the entity injected new capital into Coinhako and acquired shares of existing shareholders. The Monetary Authority of Singapore (MAS) has approved the transaction. SBI did not disclose financial terms, nor did it disclose the specific acquisition amount, shareholding ratio or Coinhako's valuation.
Coinhako has been operating in Singapore since 2014, and the operating entity is Hako Technology Pte. Ltd.，Holds a license issued by MAS.
SBI enters the Singapore market
The attraction for SBI is to obtain an established and licensed distribution channel in a country with clear cryptocurrency regulations. Chairman and President Yoshitaka Kitao said that the acquisition is another link in the cross-border chain that the group is trying to build. "SBI Group aims to establish a global corridor for digital assets by connecting global exchanges," he said.
SBI currently has more than 14 million users and has approximately US$308 billion in managed assets. Coinhako will receive a group resource to delve into banking, securities and digital assets.
Yusho Liu, co-founder and CEO of Coinhako, believes the sale is the next step in the company's development. "Joining SBI Group is a natural move for Coinhako to the next stage of growth," he said.
Acquisition of Coinhako is part of SBI's broader expansion
Acquisition of Coinhako is just part of a busy week for the Japanese company. SBI partnered with Ondo Finance on July 15 to use its yen stablecoin JPYSC to tokenize Japanese stocks and other assets.
In addition, SBI recently reached an agreement with the Solana Foundation, which will receive a stake in SBI R3 Japan (which will be renamed SBI Solana Global). The newly formed partnership will focus on issuing stablecoins and linking real-world assets (RWAs) such as corporate bonds and real estate.
SBI agreed in June to acquire Tokyo Stock Exchange Bitbank for approximately US$289 million, and the transaction is expected to complete in October subject to regulatory approval. The company also acquired Bitpoint in 2022, led a $76 million Series C round from institutional platform EDX Markets, and participated in a $25 million Series C round from risk management firm Gauntlet.
Sota Watanabe, CEO of Startale Group, said on social media: "SBI will become the largest native crypto company in the Asia-Pacific region." He said his goal at SBI Startale is to build an on-chain economy within the group in the next few years.
