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The prominent Japanese securities firm SBI has reported record earnings related to cryptocurrency as it aims to become the first crypto exchange operator in the country to list USD Coin (USDC).
According to an official announcement from SBI Group and a report from the Japanese media outlet CoinPost, the company has also revealed intentions to expand its range of cryptocurrency offerings.
Is the Crypto Bull Market Fueling SBI’s Growth?
In its consolidated financial results for the third quarter of the current fiscal year, SBI reported revenues of approximately 62.8 billion yen from its cryptocurrency business units, reflecting a year-on-year increase of 103.5%.
The market cap of USD Coin over the past 12 months. (Source: CoinMarketCap)
The company also recorded pre-tax profits of around 18.1 billion yen ($119.6 million), marking a 787% year-on-year increase from Q3 of FY2023.
SBI operates the SBI VC Commerce and BITPoint cryptocurrency exchanges, along with the crypto mining firm SBI Crypto.
Additionally, it manages the UK liquidity provider and market maker B2C2 and the Tokyo-based blockchain company HashHub.
Japan must take immediate action to improve its fiscal condition as the risks of natural disasters rise and social security costs continue to escalate, states the IMF https://t.co/CQZQcWLN18
— Bloomberg Economics (@economics) February 9, 2025
The company indicated that the “revitalized” cryptocurrency markets have contributed to growth on its trading platforms.
SBI also noted a quarter-to-quarter increase of 15.3% in the number of accounts on SBI VC Commerce and BITPoint.
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It further projected that the combined revenue of SBI VC Commerce and BITPoint Japan would surpass 600 billion yen ($3.96 million) in the current quarter.
DMM Bitcoin Customers Set for March Transition
The firm is also preparing to acquire another former domestic competitor, DMM Bitcoin, with the latter’s clients expected to transition to SBI VC Commerce by March 8.
The company stated that this move would help increase the number of cryptocurrency wallets on its SBI VC Commerce platform to “approximately 1.3 million.” BITPoint also manages around 400,000 wallets.
SBIVCは現在24銘柄、まもなく14銘柄を追加して38銘柄に増加予定 pic.twitter.com/lH0hwUUwYt
— 近藤 智彦@SBI VC Commerce (@tomohiko_kondo) February 7, 2025
The firm mentioned it is continuing to collaborate with regulators, as well as Circle, the US-based operator of USDC.
Japanese cryptocurrency exchanges have experienced a lengthy wait for regulators to permit them to begin listing USD-pegged stablecoins.
Following a November 2023 agreement with Circle, SBI has been advocating for authorization to start offering USDC pairings in Japan.
Source: @21co/Dune
The Chairman and CEO of SBI Holdings, Yoshitaka Kitao, stated that companies are now laying the groundwork for “the full-scale introduction of stablecoins in Japan.”
Recent amendments to the Payment Services Act are expected to provide Japanese cryptocurrency exchanges with the opportunity to enter the stablecoin market, Kitao noted.
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