SBI Holdings Moves to Secure Majority Control of Singapore Crypto Exchange Coinhako
Japanese financial powerhouse SBI Holdings is preparing to take a dominant position in Singapore-based cryptocurrency exchange Coinhako, in a move that further cements its ambitions in the global digital asset market.
The Tokyo-listed group announced that its wholly owned subsidiary, SBI Ventures Asset, has signed a letter of intent with Holdbuild, the parent company of Coinhako. Under the proposed deal, SBI plans to inject fresh capital into the business and acquire shares from existing investors. Once finalized and approved by regulators, the transaction is expected to give SBI a controlling, majority stake in Coinhako, turning it into a consolidated subsidiary of the wider SBI Group.
SBI framed the potential acquisition not as a simple stake purchase but as a strategic pillar in its long-term digital asset roadmap. Chairman and CEO Yoshitaka Kitao characterized the move as part of a broader push to construct global infrastructure for digital assets, spanning tokenized securities, stablecoins and related financial products. In other words, Coinhako is intended to be a key operational hub rather than just another portfolio investment.
While SBI disclosed the broad contours of the plan, crucial financial details remain under wraps. The valuation, exact ownership percentage and final investment structure have not been made public, and the parties note that the terms are still being negotiated. The letter of intent is nonbinding, meaning both sides could still adjust the deal before signing definitive agreements. Completion will heavily depend on regulatory approval, especially in Singapore, which enforces a strict licensing regime for crypto businesses.
For SBI, gaining control of Coinhako would secure a fully licensed operating base in one of Asia’s most important regulated crypto centers. Singapore has positioned itself as a leading jurisdiction for compliant digital asset activity, drawing both institutional players and retail users who prioritize strong oversight. Having a platform embedded in this environment gives SBI a significant foothold in the Asia-Pacific digital asset ecosystem.
Coinhako itself is a long-standing player in the region’s crypto landscape. Founded in Singapore, it runs a licensed crypto trading platform and associated services through Hako Technology, which holds a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license allows Hako Technology to offer a range of digital payment token-related services under a clearly defined regulatory framework.
Beyond Singapore, the broader Coinhako group also operates Alpha Hako, a registered virtual asset service provider under the supervision of the Financial Services Commission of the British Virgin Islands. This structure gives Coinhako a multi-jurisdictional presence and positions it to service users and partners with different regulatory needs while maintaining compliance standards in each region.
SBI and Coinhako are not strangers. Back in 2021, SBI participated in Coinhako’s growth through the SBI-Sygnum-Azimut Digital Asset Opportunity Fund, a joint investment vehicle established with Switzerland’s Sygnum Bank and asset manager Azimut. That earlier investment helped deepen the relationship and laid the groundwork for the current push to make Coinhako a core part of SBI’s digital asset infrastructure.
Coinhako co-founder and CEO Yusho Liu welcomed the planned transaction, emphasizing that integration into the SBI Group would accelerate the exchange’s ability to scale institutional-grade systems and services. According to Liu, the new partnership aims to meet rapidly growing demand for tokenized assets and stablecoins, while reinforcing Singapore’s status as a central node in the next-generation global financial system.
SBI’s broader strategy explains why Coinhako is so attractive. Over the past several years, the group has methodically expanded into blockchain-based ventures, including tokenization projects, payment networks and crypto-related businesses catering to both retail and institutional markets. Rather than treating crypto as a stand‑alone niche, SBI is weaving digital assets into its existing financial services and infrastructure offerings.
One of the most notable projects in this strategy is SBI’s initiative to launch a fully regulated, yen-denominated stablecoin tailored for tokenized asset markets and cross-border settlement. Announced in December 2025, the project is being developed in partnership with Web3 infrastructure company Startale Group. Under the plan, Shinsei Trust & Banking, part of SBI Shinsei Bank, will be responsible for issuing and redeeming the stablecoin, while SBI’s licensed crypto exchange, SBI VC Trade, will manage its circulation. The Coinhako acquisition could eventually provide additional distribution and use cases for such stablecoins across Asia.
SBI has also been collaborating with leading Web3 infrastructure providers to build tools for institutions entering digital assets. In August, the group entered into a partnership with blockchain oracle network Chainlink to develop infrastructure and services for financial institutions in Japan and the wider Asia-Pacific region. The combination of institutional-grade tooling, a yen stablecoin, and a licensed Singapore exchange suggests that SBI is positioning itself as a full-stack digital asset service provider.
For Singapore, SBI’s renewed commitment via Coinhako could further strengthen the city-state’s ambition to be a top-tier digital asset hub. By bringing a major Japanese financial conglomerate deeper into the local ecosystem, the deal may encourage more cross-border capital flows, institutional participation and innovation around tokenization. It also underlines the value of Singapore’s regulatory clarity: international players increasingly prefer jurisdictions where licensing, supervision and compliance rules are well defined.
At the same time, the deal highlights how traditional financial institutions are shifting from tentative experimentation in crypto toward more integrated, long-term strategies. SBI is not just offering crypto trading to retail customers; it is building an interconnected network of exchanges, stablecoins, tokenized securities platforms and infrastructure partners. Coinhako’s existing licenses, operational track record and local market knowledge make it a practical entry point into Southeast Asia’s rapidly evolving digital asset space.
For Coinhako’s users, integration into a larger financial group could bring tangible changes over time. Backing from SBI may enable the exchange to roll out more sophisticated products, improve liquidity and enhance security and compliance frameworks. Institutional investors, in particular, tend to look for robust governance, transparent auditing, and strong risk controls-areas where a major financial conglomerate’s support can be decisive.
However, the path to completion is not guaranteed. Regulators in Singapore and other jurisdictions are increasingly cautious about crypto-related mergers and acquisitions, especially where new systemic risks or cross-border complexities could arise. Authorities will likely scrutinize the ownership structure, risk management processes, anti-money laundering controls and overall business model before granting full approval. SBI and Coinhako will need to demonstrate that the combined entity can meet heightened expectations around oversight and consumer protection.
From a competitive standpoint, the move may also intensify rivalry among regional exchanges. Having SBI’s backing could help Coinhako go head‑to‑head with other licensed platforms in Singapore and across Asia that are vying for institutional flows, tokenization mandates and stablecoin partnerships. As more traditional financial institutions seek regulated gateways into digital assets, exchanges aligned with large banking and securities groups may gain an edge in winning high-value clients.
Looking ahead, Coinhako’s potential transformation into a consolidated subsidiary could be a template for similar deals. Large financial groups around the world are increasingly considering majority stakes or full acquisitions of licensed crypto firms rather than building everything from scratch. This approach allows them to tap experienced teams, ready-made technology stacks and existing regulatory approvals, while overlaying their own compliance, risk and product frameworks.
In the medium term, if the deal proceeds as planned, observers can expect greater integration between SBI’s Japanese and Singaporean digital asset operations. This might include cross-listed tokenized products, cross-border settlement solutions using stablecoins, and shared infrastructure for compliance, custody and trading. For the wider market, such connections could contribute to a more seamless Asian digital asset corridor, linking major financial centers under regulated, interoperable frameworks.
Ultimately, SBI’s plan to secure a majority stake in Coinhako underscores a broader structural shift: digital assets are increasingly being absorbed into mainstream financial architecture. Rather than standing on the periphery, licensed exchanges like Coinhako are becoming key components in global strategies pursued by established financial conglomerates. How effectively SBI and Coinhako execute on this vision-and how regulators respond-will help determine the next stage in the evolution of Asia’s digital asset landscape.