Japan's SBI to acquire Coinhako

Japanese financial group SBI Holdings announced its subsidiary plans to acquire a majority stake in Singapore-based digital asset platform Coinhako, subject to regulatory approval.

The transaction involves providing investment capital and purchasing shares from existing shareholders.

Coinhako, licensed by Singapore’s Monetary Authority and regulated in the British Virgin Islands, has operated in the digital asset space for over a decade.

The deal aims to integrate Coinhako’s infrastructure with SBI’s global financial network to develop a digital asset ecosystem in Asia.

SBI’s representatives said the move aligns with its strategy to expand digital asset infrastructure and develop next-generation financial services.

Coinhako’s CEO Yusho Liu expressed ambitions to enhance its infrastructure to meet increasing demand for tokenized assets and stablecoins, with Singapore remaining a key hub.

The transaction is still under discussion regarding specific methods and regulatory approvals.

🔗 Source: SBI Holdings

🧠 Food for thought

Implications, context, and why it matters.

SBI’s proposed Coinhako acquisition builds on its earlier investment and the exchange’s shift toward institutions

The proposed purchase would extend an existing tie, since SBI Holdings invested in Coinhako through the SBI-Sygnum-Azimut Digital Asset Opportunity (DAO) fund in 2021 1.
Coinhako later reoriented its business toward institutional clients, including investment firms and other professional trading organizations. Revenue tripled to S$29.7 million in 2024, and these clients generated 65% of trading volume 2.
The expansion also raised expenses, as losses grew after Coinhako spent heavily on infrastructure and hires needed to support that institutional base 2.

The deal underscores how traditional finance uses acquisitions to speed up crypto infrastructure plans

SBI’s approach matches a wider trend where established financial firms buy regulated crypto platforms to move into digital assets faster than building in-house.
The majority-stake acquisition still needs regulatory approval. If it closes, SBI would gain a licensed base in Singapore that can support existing digital asset efforts, including participation through SBI Digital Asset Holdings in the Monetary Authority of Singapore (MAS) Project Guardian tokenisation initiative 3.
The transaction also fits a consolidation arc, with larger groups acquiring crypto operators that struggled to stay profitable after rapid growth.