Catenaa, Friday, February 14, 2025 – Japan’s SBI Group has reported record crypto-related profits as it readies itself to become the first exchange operator in the country to list USD Coin (USDC).
The firm also announced plans to expand its crypto offerings.
In its consolidated Q3 financial results, SBI posted revenues of approximately 62.8 billion yen, marking a 103.5% year-on-year increase.
Pre-tax profits surged 787% to 18.1 billion yen ($119.6 million), fueled by a resurgent crypto market.
SBI operates the SBI VC Trade and BITPoint exchanges, the crypto mining firm SBI Crypto, and UK liquidity provider B2C2.
The company cited revitalized crypto markets as a key driver of growth, with a 15.3% quarter-to-quarter rise in user accounts across its exchanges.
The firm forecasts combined revenue from SBI VC Trade and BITPoint Japan to surpass 600 billion yen ($3.96 million) in the current quarter.
It is also set to acquire DMM Bitcoin, with its customers migrating to SBI VC Trade by March 8, increasing SBI’s total crypto wallets to approximately 1.3 million.
SBI is working with regulators and Circle, the USDC operator, to introduce stablecoin trading in Japan. Following a 2023 agreement with Circle, SBI has been pushing for regulatory approval to offer USDC pairings.
SBI Holdings Chairman and CEO Yoshitaka Kitao emphasized that companies are preparing for the full-scale introduction of stablecoins in Japan, aided by recent revisions to the Payment Services Act, which will allow exchanges to enter the stablecoin market.
