SBI Holdings, through its subsidiary SBI Ventures Asset, is seeking to acquire a majority stake in Singapore-based crypto exchange Coinhako with the intent to make it a consolidated subsidiary, according to multiple reports published in mid-February 2026. The proposed transaction is positioned as a control acquisition, combining new capital with secondary share purchases, and it is explicitly contingent on Singapore regulatory approvals.
SBI framed the move as part of a broader regional build-out for tokenization and regulated digital-asset infrastructure, with some coverage putting the potential investment size above $50 million, attributed to reporting that referenced ainvest.com on February 16, 2026. In strategic terms, the deal is being presented as a platform play to deepen SBI’s regulated footprint in Asia rather than a standalone equity investment.
Deal Structure and the Singapore Regulatory Gate
Disclosed terms remain limited, but reports say SBI signed a term sheet with Holdbuild, Coinhako’s parent, and plans to execute the acquisition through a mix of fresh capital injection and purchases of shares from existing investors. The structure described is designed to deliver majority ownership while simultaneously recapitalizing the operating business.
If regulators approve the plan, Coinhako would become a consolidated SBI subsidiary, and the reporting also notes that SBI has held a minority stake in Coinhako since 2021, citing coverage that referenced bitget.com on February 17, 2026. That prior position suggests the current move is an escalation from strategic exposure to full consolidation.
SBI has emphasized Singapore’s regulated environment as a core rationale, pointing to Coinhako’s Major Payment Institution license with the Monetary Authority of Singapore as a key credential supporting the acquisition logic. The thesis being communicated is that regulatory clarity and licensing status are the primary assets enabling institutional-grade scale in a regional liquidity hub.
Integration Thesis and Institutional Product Ambitions
Executives quoted in the reporting framed the acquisition as both operational and strategic, with SBI Chairman and President Yoshitaka Kitao describing it as a “solid step” toward SBI Group strategy and a “natural extension” of its digital transformation, while Coinhako CEO Yusho Liu said the partnership accelerates Coinhako’s goal of becoming a premier digital-asset hub for Asia. These statements collectively position the deal as a growth and capability expansion narrative anchored in institutional readiness.
SBI’s plan, as described in the reports, is to leverage its existing crypto and market infrastructure, including SBI VC Trade, market-maker B2C2, and derivatives venue AsiaNext, to aggregate institutional flows and scale custody and execution on Coinhako. The operating model implied here is a distribution-and-liquidity stack where Coinhako becomes a regulated execution venue supported by SBI’s broader market plumbing.
The stated objective is to support tokenization and stablecoin use cases by combining Coinhako’s operational platform with SBI’s distribution and liquidity networks, while acknowledging that approval from MAS and other authorities remains the gating item before completion. In practical terms, the timeline and ultimate scope of execution hinge on regulatory sign-off, which will determine when integration planning can convert into live product delivery.
If the acquisition closes, observers cited in the reporting expect near-term priorities to center on integration and compliance, with market implications tied to potential liquidity consolidation into Singapore-licensed venues and clearer institutional on-ramps in the region. For product and compliance teams, the real work will be harmonizing controls, custody arrangements, and tokenization roadmaps under a unified governance framework.
