Japanese financial conglomerate SBI Holdings has dramatically accelerated its crypto investment pace, unveiling a group-wide on-chain transition strategy that spans exchanges, stablecoins, DeFi risk management, and institutional trading infrastructure. Over the past few weeks, the $10 billion company has emerged as the sole investor in Gauntlet's $125 million Series C and EDX Markets' $76 million Series C, agreed to acquire Japanese exchange Bitbank for nearly $289 million, taken a controlling stake in Singapore-based Coinhako, and backed major rounds for Digital Asset ($355 million), Morpho ($175 million token round), and Circle's $222 million token presale for its Arc blockchain.
These moves are part of a coordinated plan to dominate the coming 'token economy,' where every asset is tokenized and transactions settle on-chain. 'At SBI Group, we are driving the onchain transformation of the entire group and expanding our digital asset businesses as we endeavor to our next stage of growth,' a company spokesperson said. The strategy aims to provide a full suite of functions—from exchanges and asset tokenization to settlement and market platforms.
SBI also launched JPYSC, Japan's first trust bank-backed yen stablecoin, and joined the JPMorgan-backed Partior network for tokenized cross-border deposits. Joseph Goh of Areta called the strategy 'buying the plumbing of the next financial system,' noting that SBI is building Asia's first at-scale onchain asset management business by pairing Gauntlet's risk tech with distribution via Bitbank and Coinhako.
The timing aligns with Japan's regulatory overhaul: a recently advanced bill would classify crypto as financial instruments, potentially enabling ETFs and cutting the maximum capital gains tax from 55% to 20% by 2028. Executives also cited bear-market valuations as providing attractive entry points. 'If you are playing the long game, as SBI seems to be, you want to be in the market in cyclical troughs,' said Mike Bucella of Neoclassic Capital.
While the investments carry execution risk, analysts expect more traditional finance giants to follow, especially in jurisdictions with clear rules. South Korea is seen as the next likely market. Gauntlet CEO Tarun Chitra highlighted SBI's distribution reach across Japan and Asia, while EDX Markets CEO Tony Acuña-Rohter said the partnership will help expand institutional trading and settlement capabilities.
