SBI Holdings Completes Majority Stake in Singapore’s Coinhako After MAS Clears Deal

SBI Holdings just sealed the deal. The Tokyo-listed financial giant has acquired a majority stake in Singapore’s Coinhako, folding the digital asset exchange into its corporate structure as a consolidated subsidiary. This follows final approval from the Monetary Authority of Singapore.

News of the transaction first broke back in February 2026. That’s when SBI’s subsidiary, SBI Ventures Asset, signed that letter of intent with Holdbuild—Coinhako’s operator—on February 14. The MAS gave its official nod by July. CoinMarketCap flagged the completion as of July 4, framing the move as SBI deepening its Singapore footprint. So now, SBI holds operational control over a MAS-regulated exchange at a moment when most institutional players are pulling back.

This is far from a standalone deal. It’s a deliberate piece of a multi-pronged regional push SBI has been assembling for years. Japan’s largest online brokerage is methodically building a bridge between its domestic crypto infrastructure and the hungry markets of Southeast Asia. The stated goal? A cross-border digital asset network. And Coinhako hands SBI a regulated, onshore foothold in the region’s most critical financial hub.

The ambition runs deeper than just owning an exchange. In a separate move last May, SBI disclosed plans to acquire a stake in Japanese crypto exchange Bitbank—a domestic consolidation play that according to CoinDesk would tighten its grip on local liquidity. The logic is clear: Coinhako covers distribution in Southeast Asia; Bitbank secures the home market. Layered atop both, SBI’s partnership with Ondo Finance to tokenize Japanese stocks and settle trades via the yen stablecoin JPYSC ties traditional securities directly to blockchain rails—a separate initiative, yet squarely within the same strategic logic.

The timing is striking. SBI is consolidating in a market devoid of euphoria. Total crypto market cap sits at roughly $2.27 trillion, down 0.64% in 24 hours. The Fear & Greed Index reads a dismal 27—deep in “Fear” territory. BBTC$64,025.00▼0.04% hovers near $63,897, off 0.5%. EETH$1,842.73▼1.26% has slipped to $1,835, a 2.15% drop. Institutional appetite has cooled sharply from post-ETF highs; numerous firms have quietly shelved expansion plans they were loudly announcing just a year ago.

SBI is moving the other way. Is this contrarian bet genuine conviction in regulated crypto’s long-term value? Or is a Japanese conglomerate watching its traditional brokerage margins compress simply clinging to a growth narrative it can’t afford to lose? The competition is real: domestic rival Monex owns bitFLYER. SBI’s crypto business dates to 2017 with the launch of SBI Virtual Currencies (later SBI VC Trade) alongside XXRP$1.09▼0.14%. The Coinhako play fits the pattern perfectly: acquire regulated platforms, consolidate them, build cross-jurisdictional network effects.

For Coinhako, independence is over. Founded in 2014, it was an early Singapore exchange that secured in-principle MAS approval under the Payment Services Act. Now a consolidated subsidiary, its financials will merge with SBI’s. Crucially, SBI will direct its strategic roadmap—potentially meaning shared liquidity pools with Japanese operations, cross-border products, or integration with the JPYSC stablecoin project.

The MAS approval itself sends a signal. Singapore’s regulator has significantly tightened its crypto regime since the 2022 collapses of Three Arrows Capital and FTX. It now clearly favors licensed, well-capitalized operators and shows little patience for regulatory arbitrage. That SBI cleared the process suggests MAS is comfortable with a major Japanese institution extending its reach into the local market.

According to the Fintech Observer, SBI’s strategy explicitly aims to build a global digital asset corridor. Coinhako is the most concrete step yet. It sits alongside the Bitbank stake talks and the Ondo tokenization partnership—three distinct pieces forming one architecture: domestic liquidity, cross-border distribution, and tokenized settlement.

What’s next? Watch for SBI to close the Bitbank acquisition on similar terms. And see if Coinhako begins operational integration—shared liquidity, cross-listed pairs, or JPYSC settlement rails first.