[NEWS] SBI achieves record profits, driven by significant growth in cryptocurrency business

On the 7th, SBI Holdings announced its consolidated financial results for the third quarter of the fiscal year ending March 2025 (April to December 2024). Revenues increased 17.2% year-on-year to 1,133,940,000,000 yen, a new record high.

SBI cited the steady performance of its financial services and asset management businesses, as well as growth in revenues from its investment and cryptocurrency businesses. The cryptocurrency business set a new record high in the third quarter, increasing 103.5% year-on-year to approximately 62.8 billion yen, in response to the market conditions following the results of the US presidential election in November last year. In addition, pretax profits increased 786.9% year-on-year to approximately 18.1 billion yen.

The cryptocurrency business includes cryptocurrency exchanges SBI VC Trade and BITPoint, as well as market maker B2C2, cryptocurrency mining business, and HashHub. B2C2 recorded its highest profit ever, and the cryptocurrency exchange also saw accelerated expansion of its customer base, achieving significant increases in both revenue and profit.

Furthermore, for other businesses, which are grouped together as next-generation businesses including Web3.0-related and bio/healthcare, pre-tax profit was a loss of 10.9 billion yen on revenue of approximately 19.9 billion yen. In its performance highlights, SBI stated that cutting-edge technology areas such as Web3.0 and digital assets are "still in the up-front investment stage."

SBI plans to strengthen and expand its services in the cryptocurrency business, which is steadily expanding its customer base. According to financial results announcement materials, the combined deposit balance of SBI VC Trade and BITPoint was over 600 billion yen as of the end of January this year. The combined number of accounts of both companies was 1.09 million accounts, an increase of 15.3% from the end of the previous quarter.

SBI VC Trade is scheduled to transfer DMM Bitcoin accounts and assets next month, and plans to add 14 brands that are not currently handled. With the transfer of DMM Bitcoin accounts and assets, SBI VC Trade is expected to have approximately 1.3 million accounts and approximately 500 billion yen in deposit balance. In addition to expanding the brands it handles, it will differentiate its services by leveraging the characteristics of SBI VC Trade and BITPoint.

Reference: Financial Statements
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