Over the past few weeks, Japanese financial conglomerate SBI Holdings has significantly accelerated its involvement in the cryptocurrency and digital asset space with a wave of high-profile investments and acquisitions.
Earlier this week, SBI became the sole investor in Gauntlet’s $125 million Series C round and EDX Markets’ $76 million Series C. This follows last month’s agreement to acquire Japanese crypto exchange Bitbank for nearly $289 million and, in February, a controlling stake in Singapore-based exchange Coinhako. The firm has also backed major funding rounds for Digital Asset ($355 million), Morpho ($175 million token round), and Circle’s $222 million token presale for its Arc blockchain.
Adding to its growing portfolio, SBI recently launched JPYSC, Japan’s first trust bank-backed yen stablecoin—marking a pivotal step in onchain settlement infrastructure.
While SBI has been active in crypto since 2016, its current pace signals a deliberate, group-wide strategy. “At SBI Group, we are driving the onchain transformation of the entire group and expanding our digital asset businesses as we endeavor toward our next stage of growth,” a company spokesperson told The Block. “Our goal is to provide a comprehensive range of functions—from exchanges to asset tokenization to market platforms.”
The spokesperson emphasized that the “token economy”—where all assets are tokenized and financial processes occur onchain—is “imminent.” SBI aims to position itself as a global leader in this new paradigm.
Joseph Goh, Director and Head of Asia Pacific at crypto advisory firm Areta, noted that SBI is pursuing a rare, end-to-end digital asset franchise across Asia. “SBI is not buying exposure to crypto—it is buying the plumbing of the next financial system,” Goh said. He highlighted two core pillars: asset management and settlement infrastructure.
By integrating Gauntlet’s institutional-grade risk and optimization tools with Bitbank and Coinhako’s retail distribution networks, SBI is laying the foundation for “Asia’s first at-scale onchain asset management business,” according to Goh.
On the settlement front, SBI’s initiatives include JPYSC, its joint venture with Circle to distribute USDC in Japan, and SBI Shinsei Bank’s participation in the JPMorgan-backed Partior blockchain network for tokenized cross-border deposits. “Whoever owns the yen leg of onchain settlement could own a strategic position in Asia’s financial future—and SBI is assembling exactly that,” Goh added.
Why now? Japan’s regulatory overhaul is a key catalyst. Last month, the lower house of Japan’s parliament advanced legislation that would classify cryptocurrencies as regulated financial instruments—on par with stocks—enabling ETFs and imposing stricter disclosure rules. The law, expected to take effect next year, will also reduce the capital gains tax on crypto from 55% to 20% starting in 2028.
“SBI appears to be positioning itself ahead of those changes,” said Yat Siu, co-founder of Animoca Brands. “Rather than waiting for clarity, they’re building capabilities so they’re ready when adoption accelerates.”
Market timing also plays a role. With crypto in a bear cycle, valuations are lower and competition less intense—ideal conditions for long-term strategic investing. “If you’re playing the long game, you want to be in the market in cyclical troughs,” said Mike Bucella of Neoclassic Capital. “Those deals will be incredibly valuable as the industry balloons over the next decade.”
SBI targets startups with real-world deployments. Gauntlet’s risk management tech and EDX Markets’ institutional exchange platform are seen as “indispensable” to broader digital asset adoption, the spokesperson noted.
For Gauntlet CEO Tarun Chitra, SBI offers more than capital: “Distribution and market access.” SBI’s regional footprint will help Gauntlet expand into Asian financial institutions and support stablecoins beyond USD and EUR—such as JPY and MXN.
Likewise, EDX Markets CEO Tony Acuña-Rohter cited SBI’s ecosystem as critical to scaling trading, clearing, and settlement infrastructure. “We’re actively engaging with SBI’s broader digital asset ecosystem… as we explore opportunities to advance institutional market infrastructure together.”
Industry observers expect other traditional finance players to follow. Intercontinental Exchange (NYSE’s parent), Citi, and Morgan Stanley have already launched onchain initiatives. “Brokerages and asset managers with large retail bases are the natural followers,” Chitra said.
GSR’s Quynh Ho predicts institutional focus will center on stablecoins, tokenized real-world assets, institutional trading infrastructure, and onchain capital markets. Siu confirmed that “large” crypto transactions are already being explored by major financial institutions.
In Asia, South Korea is emerging as the next hotspot. “Diversified financial groups combining banking, securities, and retail distribution are best positioned to replicate SBI’s playbook,” Goh said.
Still, risks remain. Regulatory delays or slower-than-expected institutional adoption could delay returns. “Execution is the real test,” Goh cautioned. However, SBI’s strategy—acquiring regulated entities like Bitbank and Coinhako while making minority stakes elsewhere—helps mitigate integration risk.
As the token economy approaches, SBI is betting big that it can build the rails—and reap the rewards—of finance’s next era.