In a landmark move reshaping Asia's cryptocurrency landscape, Japanese financial giant SBI Holdings announced on November 15, 2024, its pursuit of a majority stake in Singapore's largest digital asset exchange, Coinhako. The two companies have formally signed a letter of intent, potentially creating one of Asia's most significant crypto-financial conglomerates.
SBI Holdings plans to secure a majority stake in Coinhako, making the Singaporean exchange a consolidated subsidiary. Specific terms, including the investment method and purchase of existing shares, remain under negotiation. The acquisition requires regulatory approval from both Japan's Financial Services Agency and Singapore's Monetary Authority of Singapore (MAS), a process expected to take several months.
This strategic acquisition provides SBI with immediate access to Singapore's sophisticated regulatory environment and affluent investor base. Coinhako dominates Singapore's exchange landscape with over 400,000 registered users and supports trading for more than 100 cryptocurrencies. The platform received in-principle approval from the MAS in 2022 and later obtained a Major Payment Institution License, allowing it to provide fully regulated digital payment token services.
The move is part of SBI's established pattern of strategic cryptocurrency investments across Asia. The company already operates SBI VC Trade, Japan's largest cryptocurrency exchange by trading volume, and holds significant stakes in multiple global blockchain ventures. Analysts highlight that the acquisition creates synergies between Japanese institutional capital and Singaporean technological innovation, and could intensify market competition as other financial institutions respond with similar strategic moves.
The transaction signals increasing institutional interest in regulated cryptocurrency exchanges and demonstrates trends of market consolidation, cross-border expansion, and traditional finance embracing regulated digital asset platforms. Completion of the deal would accelerate institutional cryptocurrency adoption while reinforcing regulatory compliance standards across the region.
