Japanese financial giant SBI Holdings has announced a remarkable performance in its cryptocurrency business segment for the third quarter of the 2024 fiscal year. The company is also positioning itself to become Japan’s first trading platform operator to list USD Coin (USDC).
Strong Financial Performance in Crypto Operations
According to the company’s consolidated financial results, SBI's crypto-related business division achieved approximately ¥62.8 billion in revenue. This represents a year-over-year increase of 103.5%. More notably, the division reported a pretax profit of around ¥18.1 billion (equivalent to roughly $119.6 million), marking a staggering 787% increase compared to the same period in the previous fiscal year.
Expansion of Crypto Business Units
SBI Holdings operates multiple subsidiaries within the digital asset ecosystem. These include two cryptocurrency exchanges—SBI VC Trade and BITPoint—as well as SBI Crypto, a dedicated cryptocurrency mining firm. Beyond Japan, the group also owns B2C2, a UK-based liquidity provider and market maker, and HashHub, a Tokyo-headquartered blockchain technology company.
The strong recovery of the cryptocurrency markets played a significant role in boosting the performance of SBI's exchange businesses. The company highlighted that user growth increased substantially during this period.
User Growth and Future Projections
SBI reported a 15.3% quarter-over-quarter growth in account numbers across its SBI VC Trade and BITPoint platforms. The company remains optimistic about its future performance, projecting that the combined quarterly revenue for these two exchanges will exceed ¥600 billion (approximately $3.96 billion).
This aggressive expansion reflects SBI’s ongoing commitment to becoming a dominant player in the Asian and global digital finance markets. The firm continues to explore new services and token listings to enhance its market offerings.
👉 Explore more strategies for crypto investment
Frequently Asked Questions
What is SBI Holdings?
SBI Holdings is a major Japanese financial services group that has invested heavily in digital assets and blockchain technology. It operates several crypto businesses, including exchanges, mining operations, and a liquidity provider.
Why did SBI’s crypto profits increase so significantly?
The growth was largely driven by the recovery of cryptocurrency markets, leading to higher trading volumes and increased user activity on its platforms. Strategic acquisitions and service expansions also contributed to these results.
What are SBI’s plans for USDC?
SBI aims to be the first platform in Japan to offer USD Coin (USDC) trading. This move is part of its strategy to expand its stablecoin services and provide more options for Japanese investors.
How can users benefit from SBI’s crypto services?
Users can access trading, mining, and investment services through SBI’s subsidiaries. The company’s integrated approach offers a comprehensive ecosystem for both individual and institutional investors.
Is SBI only focused on crypto?
No. While crypto is a growing segment, SBI remains a diversified financial group with interests in banking, insurance, and asset management. Digital assets represent one of its key growth strategies.
What makes SBI VC Trade and BITPoint different?
Both are regulated Japanese exchanges. SBI VC Trade is known for its retail and institutional services, while BITPoint serves a broad user base with a focus on accessibility and security.