SBI Holdings to acquire controlling stake in Singapore crypto exchange Coinhako
SBI Holdings has moved to secure control of Singapore-based exchange Coinhako through a letter of intent that tasks SBI Ventures Asset with buying existing investor stakes and injecting fresh capital, with closing contingent on regulatory sign-off. The transaction, if completed, would convert Coinhako into an SBI consolidated subsidiary and give the group a licensed operational foothold in one of Asia’s regulated crypto hubs.
The contemplated acquisition targets Coinhako’s parent, Holdbuild, and leaves pricing and precise ownership split under negotiation; those commercial terms were not disclosed. Coinhako runs trading and custody services through Hako Technology, a Major Payment Institution regulated by the Monetary Authority of Singapore, and maintains related virtual-asset activity under an entity overseen by the BVI regulator. SBI first engaged with the platform via a 2021 fund investment alongside Sygnum and others, and the new move signals escalation from minority investor to strategic operator.
SBI’s stated rationale centers on scaling institutional-grade systems to capture rising demand for tokenized assets and fiat-linked tokens. The group has parallel initiatives: a planned yen-denominated regulated stablecoin being developed with Startale Group, issuance and redemption via Shinsei Trust & Banking, and distribution through SBI VC Trade. SBI also partners with infrastructure providers such as Chainlink to build connectivity for financial institutions, reinforcing a stack that spans issuance, oracle services and exchange liquidity.
For SBI, the acquisition shortens go-to-market time for cross-border settlement and tokenization products by leveraging Coinhako’s MAS-regulated status and regional user base. For Coinhako, access to SBI’s balance sheet and institutional relationships can accelerate product deployment and custody upgrades, but integration will require governance alignment and regulatory filings across jurisdictions. The biggest near-term uncertainty is regulatory clearance in Singapore and potential approvals in other markets where Coinhako operates.
Competitive dynamics in Singapore’s ecosystem are material; acquiring a licensed exchange gives SBI tactical advantages versus banks and fintechs that lack local VASP permissions. Execution risks include unspecified purchase terms, post-deal consolidation complexity, and scrutiny from regulators on capital, compliance and stablecoin mechanics. If approved and integrated successfully, the deal could materially enhance SBI’s role in tokenized securities and payments rails across Asia-Pacific.
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