SBI Holdings, the Tokyo-listed financial group, is intensifying its crypto play by pursuing a controlling stake in Singapore-based Coinhako. Through its wholly owned subsidiary SBI Ventures Asset, SBI signed a nonbinding letter of intent with Holdbuild, Coinhako’s parent company, to inject capital and acquire shares from existing investors. If the deal moves forward, SBI would secure a majority stake and Coinhako would become a consolidated subsidiary, subject to regulatory approvals. Financial terms were not disclosed, and the investment structure remains under discussion. The proposal signals SBI’s broader ambition to build international digital-asset infrastructure beyond a single trading platform, including ventures in tokenized securities and stablecoins.
Chairman and CEO Yoshitaka Kitao framed the development as part of a larger strategy rather than a mere acquisition. He underscored Coinhako as a building block in SBI’s plan to create cross-border rails for digital assets, aligning with efforts to expand tokenized securities, settlement networks, and regulated stablecoins across Asia-Pacific. The Singapore base would offer a licensed footprint in one of the region’s most regulated crypto hubs, potentially smoothing the path for SBI’s foreign-market expansion.
Coinhako, founded in Singapore, operates a regional digital-asset trading platform and related services through Hako Technology, which is licensed by the Monetary Authority of Singapore as a Major Payment Institution. The group also runs Alpha Hako, a virtual asset service provider registered with the British Virgin Islands Financial Services Commission. The exchange’s trajectory has included SBI’s involvement in 2021 via the SBI-Sygnum-Azimut Digital Asset Opportunity Fund, a vehicle that signaled SBI’s willingness to co-invest with established crypto and traditional-finance partners.
Yusho Liu, Coinhako’s co-founder and CEO, framed the alliance as a pathway to scale institutional-grade systems. He emphasized that the partnership would address rising demand for tokenized assets and stablecoins while reinforcing Singapore’s role as a linchpin of the world’s next-generation financial system. The collaboration is seen as a catalyst for deeper liquidity, more robust custody tools, and scalable settlement workflows that could attract regulated participants seeking compliant, cross-border rails.
For SBI, the potential consolidation of Coinhako dovetails with a long-running strategy to broaden its blockchain footprint. The group has pursued tokenization initiatives, payment networks, and other crypto-related businesses for several years. In December 2025, SBI partnered with Startale Group to develop a fully regulated Japanese yen-denominated stablecoin aimed at tokenized asset markets and cross-border settlement, with issuance and redemption handled by Shinsei Trust & Banking and circulation supported by SBI VC Trade, SBI’s own crypto exchange. Earlier in 2025, SBI Group joined forces with Chainlink to build digital-asset tools for financial institutions in Japan and across the Asia-Pacific region. Taken together, these moves illustrate SBI’s intent to connect traditional finance with crypto-native capabilities—spanning custody, liquidity, and programmable settlement rails.
The announcement comes at a time when Singapore’s regulatory framework continues to attract and shape institutional crypto activity. By seeking a licensed base in Singapore, SBI would align with a jurisdiction that has sought to balance innovation with consumer protections and market integrity. The nonbinding nature of the LOI means terms could evolve, and the ultimate path to a definitive agreement will hinge on regulatory scrutiny and the willingness of both sides to align on governance, integration, and capital deployment. The Coinhako deal, if consummated, would place a notable cross-border asset under SBI’s umbrella, potentially accelerating the bank’s ability to service institutional clients seeking regulated access to tokenized assets and stablecoins in Asia’s evolving ecosystem.
Industry observers will watch closely how the transaction might influence Coinhako’s roadmap. A successful consolidation could enable deeper institutional onboarding, more rigorous risk-management protocols, and a broader product set that leverages SBI’s capital, technology, and network—potentially including enhanced liquidity provisioning, custody enhancements, and more formalized cross-border settlement rails. Yet the deal also poses questions about regulatory approvals, competition in Singapore’s exchange landscape, and how a larger SBI-backed entity would interact with local incumbents and market entrants. As with many cross-border crypto ventures, execution risk centers on navigating a complex regulatory matrix and aligning strategic priorities across jurisdictions.
Beyond Coinhako, SBI’s broader blockchain push signals a continuing appetite among major financial groups to blend traditional finance with crypto-native capabilities. The yen-stablecoin initiative with Startale, the Chainlink collaboration, and other partnerships indicate a deliberate roadmap toward tokenized markets, regulated stablecoins, and interoperable networks that can support tokenized securities, digital cash equivalents, and cross-border settlement. If the Coinhako talks crystallize into a binding deal, SBI could gain a foothold in Singapore’s regulated crypto infrastructure, potentially serving as a gateway for further collaborations, licenses, and product launches across the region. The coming months are likely to reveal whether these strategic threads converge into a cohesive, long-term platform strategy or remain a portfolio of exploratory projects that complement SBI’s core banking and payments businesses.
Key takeaways
- SBI Holdings’ subsidiary SBI Ventures Asset signed a nonbinding letter of intent to inject capital into Coinhako and acquire shares from existing investors, potentially giving SBI a majority stake and making Coinhako a consolidated subsidiary pending approvals.
- The terms of the arrangement were not disclosed, and the deal structure remains under discussion, subject to regulatory clearance.
- Coinhako operates a MAS-licensed trading platform in Singapore, with additional services via Alpha Hako in the British Virgin Islands; the exchange has previously attracted SBI investment.
- CEO Yusho Liu described the partnership as a path to scale institutional-grade systems to meet demand for tokenized assets and stablecoins, reinforcing Singapore’s role in the future financial system.
- SBI’s broader blockchain initiatives—yen-stablecoin development with Startale and digital-asset tools with Chainlink—underscore the group’s aim to build cross-border, regulated rails for digital assets in Asia-Pacific.
Market context: The move reflects ongoing consolidation and institutionalization of crypto activities in regulated Asia markets, with Singapore acting as a focal point for cross-border infrastructure and compliant product suites. Regulatory approvals will shape the timeline and scope of any definitive agreement, while the broader market trend toward tokenized assets and stablecoins provides a backdrop for SBI’s expansion strategy.
Why it matters
The potential consolidation of Coinhako under SBI would extend SBI’s footprint beyond traditional financial services into a regulated, cross-border crypto platform. If completed, the transaction could accelerate Coinhako’s ability to scale institutional-grade operations, offering more robust custody, liquidity, and integration with SBI’s broader payments and tokenization programs. The arrangement also signals how large financial groups view regulated hubs like Singapore as launchpads for cross-border crypto activity, not just as regional trading venues but as gateways to tokenized markets across Asia-Pacific.
For Coinhako, the deal could bring additional capital, governance expertise, and access to a global network of financial partners, potentially speeding up product development and regulatory compliance improvements. For Singapore, the move reinforces the city-state’s standing as a regulated center for digital assets, encouraging more collaboration between traditional financial institutions and crypto-native platforms while maintaining stringent oversight to protect market integrity.
From a broader market perspective, SBI’s actions—coupled with its yen-stablecoin initiative and Chainlink collaboration—illustrate a trend among traditional financiers to build multi-faceted ecosystems that blend tokenized assets with regulated stablecoins and cross-border settlement workflows. This could influence how other regional players structure partnerships, custody solutions, and liquidity access as demand for regulated, scalable crypto infrastructure continues to rise.
What to watch next
- Definitive agreement: Sign-off on a binding agreement and disclosure of terms, subject to regulatory approvals.
- Regulatory review: MAS scrutiny and any conditions placed on a potential consolidation and cross-border activities.
- Structural details: Governance, board representation, and integration plans for Coinhako within SBI’s corporate umbrella.
- Product roadmap: Any announced additions to Coinhako’s platform, including tokenized assets or stablecoin-related services linked to SBI’s ecosystem.
- Follow-up disclosures: Additional statements from SBI, Holdbuild, or Coinhako regarding timelines, milestones, or financing rounds.
Sources & verification
- SBI Holdings announces a nonbinding LOI to acquire Coinhako via a press release (pdf): https://www.sbigroup.co.jp/english/news/pdf/2026/0213_a_en.pdf
- Coinhako’s previous SBI investment described in a Cointelegraph article: https://cointelegraph.com/news/sbi-holdings-invests-in-singapore-crypto-exchange-coinhako
- Startale and SBI yen-stablecoin collaboration mentioned in Cointelegraph: https://cointelegraph.com/news/japan-sbi-and-startale-plan-regulated-yen-stablecoin-in-2026-under-new-framework
- SBI Group’s Chainlink partnership to build digital asset tools for APAC: https://cointelegraph.com/news/sbi-group-partners-chainlink-crypto-asia-finance-market
- Background discussion on Asia-Middle East corridor and permissioned-scale approaches: https://cointelegraph.com/news/future-crypto-asia-middle-east-corridor-lies-in-permissioned-scale
