Coinhako
Singapore crypto exchange, now a majority-owned subsidiary of Japan's SBI Holdings.
On the record
Checkpoint: SBI's public integration plan for Coinhako (rebrand, product scope, possible JPYSC stablecoin listing)
The call
Coinhako already sold its independence to SBI; what happens next depends on whether SBI builds it up as a regional hub or folds it into a bigger pan-Asia brand.
Coinhako is a cryptocurrency trading platform in Singapore that holds an official government license to operate. It had over 400,000 users before SBI Holdings, a major Japanese financial company, bought it in July 2026. The problem is that bigger, better-funded competitors like Coinbase and Crypto.com already have the same license and offer lower fees or more features, making it hard for Coinhako to stand out on its own. The key question now is whether SBI will turn Coinhako into something bigger and more useful across Southeast Asia, or just keep it as a small Singapore-only operation buried inside SBI's larger business. That answer will determine if the company actually survives as anything meaningful.
Why
01
AI pressure: None apparent. No AI trading agent or AI-native exchange is named as pulling users from Coinhako; pressure here comes from other licensed exchanges, not AI. Could AI do the core job? Only partly.
02
Bigger players: Coinbase, Crypto.com, OKX, Independent Reserve, DBS Digital Exchange. All hold MAS licenses like Coinhako but run broader products and lower fees, competing directly for the same Singapore user base. Could a giant copy it? Yes, easily.
03
What protects it. MAS Major Payment Institution license, 400,000+ existing users, and now SBI's balance sheet and regional network behind it.
What would change this call
SBI announces Coinhako's product scope or rebranding within 6-18 months of the July 2026 close. Shows whether Coinhako becomes SBI's SEA hub or is absorbed into a broader regional brand.
Coinhako adjusts its flat 0.6% spot fee toward Independent Reserve's 0.02-0.5% range. Would show Coinhako closing the price gap rather than losing price-sensitive traders.
SBI's Bitbank acquisition closes (expected ~Oct 2026) and any resulting restructuring of SBI's exchange assets is disclosed. Would clarify whether Coinhako keeps independent operations or gets folded into a pan-Asia entity.
Coinhako adjusts its flat 0.6% spot fee toward Independent Reserve's 0.02-0.5% range. Would show Coinhako closing the price gap rather than losing price-sensitive traders.
SBI's Bitbank acquisition closes (expected ~Oct 2026) and any resulting restructuring of SBI's exchange assets is disclosed. Would clarify whether Coinhako keeps independent operations or gets folded into a pan-Asia entity.
Key numbers
- SBI completed majority acquisition of Coinhako
- Coinhako reports 400,000+ registered users
- MAS awarded Coinhako its Major Payment Institution license
Named risks
- SBI folds Coinhako into a pan-Asia brand alongside Bitbank without distinct product scope.
- Global exchanges Coinbase, Crypto.com, OKX with deeper pockets hold the same MAS license and undercut on price.
- Flat 0.6% fee structure loses price-sensitive users to Independent Reserve's 0.02%-0.5% fees.
- Acquisition financial terms undisclosed, limiting transparency on valuation and equity upside.
- Conflicting third-party revenue estimates ($4M to $42M) reflect lack of verified financial disclosure.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Independent Reserve | gaining on | 0.02%-0.5% fees vs Coinhako's flat 0.6%, tighter spreads, reported 2025-03-30 |
| Coinbase (Singapore) | contesting | Holds same MAS MPI license with broader product suite, as of 2026-07-24 |
| Crypto.com | contesting | Received $400M Citadel Securities investment at $20B valuation, 2026-07-19 |
| OKX | contesting | MAS-licensed Singapore platform compared directly to Coinhako, 2026-07-24 |
| DBS Digital Exchange | contesting | Bank-backed institutional digital asset venue in same Singapore market, 2026-07-19 |
Questions people ask
- Is Coinhako still an independent company?
- No. Japan's SBI Holdings completed a majority acquisition of Coinhako on July 16, 2026, following MAS approval, making it a consolidated subsidiary via SBI Ventures Asset Pte. Ltd. Deal terms and stake size were not disclosed.
- Is Coinhako profitable?
- Unclear. No audited figures exist; third-party estimates conflict wildly, from Prospeo's $4M/year to Datanyze/ZoomInfo's $42M/year. Coinhako's own January 2026 CEO letter cites 'clear momentum' in institutional business but discloses no revenue numbers.
- Who owns Coinhako now?
- SBI Holdings (Tokyo: 8473) became majority owner on July 16, 2026, after roughly five months of MAS review, via a mix of fresh capital into holding entity Holdbuild Pte. Ltd. and share purchases from existing investors.
- How do Coinhako's fees compare to competitors?
- Coinhako charges a flat 0.6% spot trading fee versus Independent Reserve's 0.02%-0.5% with tighter spreads from an open order book, per a March 30, 2025 third-party fee review, making Coinhako notably pricier.
- Could AI replace Coinhako?
- Its support, KYC, and trading UX layers are automatable, but its MAS Major Payment Institution license (awarded May 2022) and fiat SGD rails are the durable, hard-to-replicate moat that AI-only entrants cannot easily copy.
- Who is Coinhako's biggest competitor?
- Independent Reserve undercuts it on price (0.02%-0.5% vs 0.6% fees, per a 2025-03-30 review), while Coinbase, Crypto.com, OKX and DBS Digital Exchange hold the same MAS license with broader product suites in the same Singapore market.
Timeline
- 2026-07-17SBI's pending ~$289M Bitbank (Tokyo) acquisition disclosed, expected close October 2026
- 2026-07-16SBI Holdings completes majority acquisition of Coinhako, becomes consolidated subsidiary
- 2026-07-08Coinhako launches Announcement Center for listings and product updates
- 2026-06-12Coinhako publishes crypto card travel/overseas use content
- 2026-03-23Coinhako CEO letter cites 2025 institutional momentum, no revenue disclosed
- 2026-02SBI Holdings first discloses intent to acquire majority stake in Coinhako
- 2025-10-27Coinhako overhauls loyalty program to fixed-dollar fee-discount vouchers
- 2022-05-16MAS awards Coinhako Major Payment Institution license
Revision history
26 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- SBI Holdings completes majority acquisition of Singapore crypto platform Coinhako following MAS approval (2026-07-17)
- SBI's Coinhako deal advances plan for Asia's first digital asset empire (2026-07-17)
- MAS Awards Coinhako With Major Payment Institution Licence (2022-05-16)
- Coinhako Fees (2025-10-26)
- Coinhako Fees & Spreads Reviewed (2025-03-30)
- Coinhako Revenue and Competitors
- Datanyze Coinhako profile
- Coinhako Revenue, Funding & Valuation (2022-06-15)
- A Trusted Future, Built from Singapore (2026-03-23)
- ZoomInfo Coinhako profile
- Notice Regarding the Acquisition of Coinhako (2026-07-17)
- SBI Expands Asia Crypto Network With Coinhako (2026-07-17)