SBI Expands Asia Crypto Push With Planned Takeover of Coinhako

SBI Holdings is moving to take control of Singapore regulated crypto platform Coinhako as it deepens its push to build a larger digital asset footprint across Asia.

Key Takeaways

• Japan’s SBI Holdings plans to acquire a majority stake in Singapore crypto platform Coinhako, pending regulatory approval
• The transaction includes a capital injection plus the purchase of shares from existing investors, with terms not disclosed
• Both sides highlighted tokenization, with a focus on future demand for tokenised stock and stablecoins

What Happened?

SBI Holdings said it plans to acquire a majority shareholding in Coinhako through its wholly owned Singapore unit, SBI Ventures Asset Pte. Ltd. The deal is still subject to regulatory approvals, including from the Monetary Authority of Singapore, and would make Coinhako a consolidated subsidiary of SBI.

Deal Structure and Regulatory Focus

SBI said its Singapore subsidiary has signed a letter of intent to inject capital into Coinhako and purchase shares from existing shareholders. While financial terms were not disclosed, the structure combines fresh funding with secondary share purchases, and final terms are still being discussed.

Regulatory clearance is central to the timeline. Coinhako’s regulated Singapore operations run through Hako Technology Pte. Ltd., which holds a Major Payment Institution license from the Monetary Authority of Singapore. That positioning matters because Singapore remains one of Asia’s more tightly supervised markets for digital asset services, and approval would effectively place a larger piece of SBI’s crypto expansion inside a clear regulatory framework.

Coinhako’s Footprint in Singapore and Beyond

Coinhako has more than a decade of operating history in Singapore and serves both retail and institutional clients. The group also owns Alpha Hako, which operates as a registered virtual asset service provider in the British Virgin Islands.

SBI described the proposed acquisition as part of its broader digital asset strategy, framing Coinhako as a regional base it can scale. The Japanese group also signaled that this is not a brand new relationship. SBI previously took a minority stake in Coinhako in 2021, and this planned takeover marks a clear escalation.

SBI’s Growing Crypto Infrastructure Across Asia

SBI already has a wide crypto footprint, spanning exchange operations and market infrastructure. It owns international market maker B2C2 and operates the Japanese crypto exchange SBI VC Trade. SBI has also steadily added assets and customers through acquisition moves, including taking on customer accounts from hacked exchange DMM Bitcoin in 2025, and acquiring Bitpoint Japan in 2022 to 2023, which is now being formally merged with SBI VC Trade.

In Singapore, SBI’s joint venture AsiaNext with Switzerland’s SIX operates an institutional crypto derivatives venue, adding another layer to its institutional market coverage in the region.

Tokenization and Stablecoins Take Center Stage

While the deal is focused on crypto platform control, both parties repeatedly pointed to tokenization as the bigger long term play.

Yoshitaka Kitao, Representative Director, Chairman & President of SBI Holdings said:

He also described the acquisition as a strategic integration rather than a simple investment:

Coinhako CEO Yusho Liu tied the deal to scaling institutional services.

Ripple Link and Market Talk

The move also reinforces SBI’s longstanding ties to Ripple, where it holds equity through a partnership dating back to 2016. Some online discussion has focused on what this could mean for XRP adoption in Southeast Asia, though executives emphasized that SBI holds equity in Ripple Labs rather than large XRP token reserves. The transaction itself is centered on Coinhako’s regulated platform operations and expansion plans.

CoinLaw’s Takeaway

I see this as TradFi buying regulated rails and doing it in one of the most compliance focused markets in Asia. In my experience, the winners in the next phase of crypto are not the loudest brands. They are the groups that can connect licensing, custody, liquidity, and institutional distribution into one clean system. SBI is clearly trying to build that system, and Coinhako gives it a Singapore anchor that can support tokenization, stablecoins, and bigger cross border flows. If MAS signs off, this looks less like a simple exchange deal and more like SBI planting a flag for how next generation finance could scale in Asia.

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