SBI Expands Asian Digital Asset Network With Coinhako Deal

Tokenization and Blockchain Partnerships

SBI announced at least three major crypto and blockchain initiatives during the week of July 17, 2026, covering regional exchange expansion, tokenized Japanese assets and blockchain-based financial infrastructure.

On July 16, 2026, SBI announced a partnership with Ondo Finance to tokenize Japanese equities and other assets. JPYSC, SBI’s yen-denominated stablecoin, is intended to serve as a settlement instrument for the resulting onchain products.

The Ondo initiative is designed to connect Japanese capital markets with blockchain-based versions of traditional securities. SBI did not specify whether the tokenized equities would be distributed directly through its exchanges or offered through other platforms in the group’s network.

SBI also formed a partnership with the Solana Foundation to develop an onchain financial market in Japan. Under the agreement, the Solana Foundation will acquire an equity stake in SBI R3 Japan, which will be renamed SBI Solana Global.

SBI Solana Global will focus on stablecoin issuance and the tokenization of real-world assets, including corporate bonds and real estate. The initiative combines blockchain infrastructure with SBI’s access to regulated financial companies, institutional customers and Japanese markets.

Sota Watanabe, CEO of Startale Group, which works with SBI Holdings on JPYSC, said SBI’s continued commitment reflects its view of blockchain’s long-term role in finance.

“SBI Holdings’ continued commitment to digital assets likely signals confidence in the future architecture of global finance,” Watanabe said.

Coinhako Adds Singapore Hub

SBI completed its majority acquisition of Singapore-based crypto platform Coinhako on July 17, 2026, bringing the company under its control through subsidiary SBI Ventures Asset after approval from the Monetary Authority of Singapore.

The transaction gives SBI a regulated operating platform in Singapore and expands its direct presence beyond Japan. SBI plans to combine Coinhako’s customer base, operating expertise and regional network with its financial services capabilities, technology infrastructure and international operations.

Coinhako primarily operates through Hako Technology Pte. Ltd., which holds a Major Payment Institution license from the Monetary Authority of Singapore. The platform also operates through Alpha Hako Ltd., a crypto asset service provider registered with the British Virgin Islands Financial Services Commission.

Kitao said Singapore’s regulatory environment made it an important market for SBI’s regional expansion.

“Singapore, where regulations related to digital assets are ahead of the curve, is a crucial region in this regard, and we are very pleased that Coinhako, with its solid customer base and business know-how, has joined the SBI Group,” he said.

The acquisition gives SBI direct control of an existing Singapore operation rather than only an investment stake. Coinhako contributes a regulated local license, an established customer base and experience operating a digital asset platform in Southeast Asia.

SBI did not disclose the purchase price, Coinhako’s valuation, the exact ownership percentage acquired or the transaction’s detailed structure. The group also did not provide Coinhako’s customer count, assets under custody, trading volume, revenue, profitability or market share.

SBI has not confirmed whether Coinhako will list, issue or directly support JPYSC. It also did not say whether the platform would distribute tokenized Japanese equities created through the Ondo Finance partnership.

No timetable was provided for integrating Coinhako with SBI’s Japanese exchanges, stablecoin infrastructure, tokenized assets or SBI Solana Global. SBI also did not disclose whether Coinhako would be rebranded, whether its current management would remain or how its services would change under SBI control.

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JPYSC Remains Restricted

JPYSC is intended to support settlement between tokenized assets, exchanges and investors across SBI-affiliated platforms, but its current functionality remains limited.

The yen-denominated stablecoin can only be used within accounts at SBI VC Trade. It does not currently support withdrawals to external wallets, remittances through public blockchains or public-chain settlement.

An SBI spokesperson said, “Regarding JPYSC, its use is currently limited to accounts within SBI VC Trade, and it does not yet support withdrawals to external wallets or remittances and settlements via public blockchains.”

The restrictions prevent users from moving JPYSC into self-custodied wallets, using it across decentralized applications or transferring it independently outside SBI VC Trade.

SBI did not provide a timeline for enabling external withdrawals or public-blockchain transfers. The group also did not identify which blockchain networks would support broader JPYSC use.

Exchange Holdings Continue to Grow

Coinhako joins a growing group of digital asset exchanges owned by or linked to SBI. The group agreed in June 2026 to acquire Tokyo-based cryptocurrency exchange Bitbank for nearly $289 million.

The Bitbank transaction is expected to close in October 2026, subject to regulatory approval. SBI previously acquired Japanese crypto exchange Bitpoint in 2022.

Bitpoint, the planned Bitbank acquisition and majority control of Coinhako give SBI exchange exposure in Japan and Singapore while supporting its wider work in stablecoins, tokenized assets and institutional infrastructure.

SBI has also invested in businesses serving institutional digital asset markets.

Gauntlet develops crypto risk-management infrastructure, while EDX Markets provides institutional crypto trading infrastructure. The investments add execution and risk-management capabilities to SBI’s retail-facing exchanges and tokenization initiatives.

The Gauntlet financing information remains unresolved. One description identified SBI as the sole investor in a $125 million Series C round, while another described SBI’s participation as a $25 million Series C investment. The available information did not clarify whether the figures referred to the overall round and SBI’s individual contribution.

SBI Targets Long-Term Infrastructure

SBI said its investments are based on long-term digital asset infrastructure development rather than short-term crypto market cycles. The group said its Asian expansion is not being driven by short-term market sentiment.

SBI expects cryptocurrency exchange-traded funds in the United States to increase institutional participation, liquidity, market credibility and risk-management standards. It also expects that institutional growth to support greater retail participation.

An SBI spokesperson said, “In light of the expansion of cryptocurrency ETFs in the United States, as institutional investor participation raises liquidity, market credibility, and risk management standards, we expect that retail participation will also expand, and both will develop in a mutually complementary manner.”

Coinhako adds regional distribution and customer access to a structure that already includes Japanese exchanges, JPYSC, tokenized securities partnerships, Solana-based infrastructure, institutional trading and crypto risk-management investments.

SBI’s broader onchain strategy also intersects with Progmat, which completed the migration of more than ¥452 billion, or approximately $2.7 billion, in active tokenized securities from Corda 5 to a dedicated Avalanche Layer 1. The transfer covered its full operating platform, including tokenized real estate, corporate bonds and other structured securities. Progmat said institutions continued operating normally, while rights-transfer processing became three to five times faster and finality fell below two seconds. Its redesigned architecture remains blockchain-agnostic, allowing additional networks as institutional and regulatory requirements evolve.