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SBI Group

SBI Group, officially known as SBI Holdings, Inc., is a multinational conglomerate based in , founded on July 8, 1999, and headquartered in Tokyo's Minato-ku district. It operates as a overseeing more than 400 group entities across 14 countries, focusing on innovative, technology-driven financial solutions and diversified investments. With approximately 18,594 consolidated employees as of September 30, 2025, the group is led by Representative Director, Chairman, President, and CEO Yoshitaka Kitao, and is publicly traded on the under the ticker 8473. The SBI Group's evolution began as a pioneer in internet-based finance, initially emphasizing securities, banking, and insurance before expanding into broader sectors. Today, it structures its operations around five core business segments: the Financial Services Business, which encompasses online securities trading, , and products; the PE Investment Business, targeting opportunities globally; the Asset Management Business, investing in and alternative assets; the Crypto-asset Business, advancing and digital asset adoption through subsidiaries like SBI Ripple Asia; in September 2025, subsidiary SBI Crypto experienced a resulting in the loss of approximately $21 million in digital assets. and the Next Gen Business, covering , healthcare, informatics, pharmaceuticals, and related R&D. This diversified model positions SBI as a leader in innovation, with notable initiatives including partnerships for institutional adoption and private credit markets. Key subsidiaries underscore the group's global footprint and expertise, including SBI Securities for brokerage services, SBI Bank for retail and corporate banking, SBI Life Insurance for policy offerings, and SBI Investment for venture funding. Operating in regions such as , , , and beyond, SBI Holdings reported paid-in capital of 237,676 million yen as of September 30, 2025, reflecting its robust financial position and commitment to leveraging advanced technologies like and to create new business ecosystems.

Profile and Overview

Company Overview

SBI Group, officially known as SBI Holdings, Inc., is a financial founded on July 8, 1999, as SOFTBANK INVESTMENT CORPORATION in , . Headquartered at 1-6-1 , Minato-ku, , , the company operates as a holding entity that controls and manages its subsidiaries primarily through share ownership. As of September 30, 2025, SBI Holdings employs approximately 18,594 consolidated employees. The company changed its name to SBI Holdings in 2005 to reflect its evolving focus on . SBI Holdings positions itself as a pioneer in internet financial services, with a to foster sound ethical values, act as a financial innovator, create new industries, pursue self-evolution, and fulfill social responsibilities. Its vision emphasizes building a global business ecosystem that integrates , , and to drive sustainable growth and customer-centric solutions. The group encompasses five core businesses: , which includes key subsidiaries like SBI Securities and ; Investment Business focused on ; ; Crypto-asset operations; and Next Gen Business covering emerging sectors such as and healthcare . This diversified structure enables SBI Holdings to provide comprehensive financial and innovative services across global markets.

Leadership and Governance

SBI Holdings, Inc., the of the SBI Group, is led by Yoshitaka Kitao as Representative , Chairman, President, and CEO, a position he has held since July 2022, overseeing the strategic direction across the group's financial, investment, and sectors. Under his leadership, the company emphasizes innovation in and sustainable growth, building on the founding vision of creating a comprehensive ecosystem. The comprises 15 members, including eight directors and seven independent outside directors, ensuring a balance of internal expertise and external oversight for the group's diverse operations in , , and . Key figures include Masato Takamura as Representative Director, Senior Vice , and , responsible for ; Tomoya Asakura as Representative Director and Senior Vice , focusing on ; and independent outside directors such as Heizo Takenaka and Yasuhiro Suzuki, who provide impartial guidance on and . The board meets monthly to deliberate on major decisions, supported by a Management Advisory Committee dominated by independent directors to advise on nominations, , and appointments. Additionally, four statutory auditors, including two outside auditors, conduct audits to maintain . SBI Holdings operates under a framework as a with a board of statutory auditors, compliant with the Tokyo Stock Exchange's Code, which prioritizes shareholder rights, board transparency, and cooperation. This structure includes robust protocols tailored to innovations and investment activities, such as cybersecurity measures, monitoring, and arm's-length transactions to protect minority shareholders. A dedicated officer and division oversee adherence to laws and ethical standards, with a system enabling reports directly to auditors. In terms of corporate social responsibility, SBI Holdings integrates sustainable finance and ethical investing into its core operations, supporting the issuance of SDGs bonds—including green bonds—totaling approximately JPY 31.5 billion through SBI SECURITIES by June 2025, and providing green loans and sustainability-linked financing via SBI Shinsei Bank. The group adheres to a Responsible Investment and Lending Policy established in July 2021, which excludes investments in sectors like tobacco, fossil fuels, and weapons, while promoting ESG factors in asset management and venture investments aligned with UN Sustainable Development Goals. These initiatives aim to foster a sustainable society through ethical capital allocation unique to the group's financial and biotech ecosystem. As of September 30, 2025, SBI Holdings' paid-in capital stands at 237,676 million yen, reflecting its solid financial foundation as a publicly traded entity on the Tokyo Stock Exchange.

Historical Development

Founding and Early Years

SBI Group originated in July 1999 with the establishment of SOFTBANK INVESTMENT CORPORATION in Tokyo, Japan, as a subsidiary of SoftBank Corp. dedicated to venture capital investments and business incubation. This founding occurred during the height of the dot-com boom, positioning the company to capitalize on emerging internet opportunities by supporting startups and innovative ventures in the technology sector. In its early years, the company rapidly consolidated related entities, converting SoftVenture Capital Co., Ltd., Softbank Ventures, Inc., SOFTBANK CONTENTS PARTNERS CORPORATION, and SOFT TREND CAPITAL Corp. into wholly owned subsidiaries through stock swaps in November 1999, followed by the absorption of SoftVenture Capital in January 2000. A key milestone came in December 2000 when SOFTBANK INVESTMENT CORPORATION listed on the Japan market (subsequently renamed JASDAQ), enabling broader access to markets and signaling its growing prominence in 's investment landscape. Further expansion in the financial domain occurred in April 2001 with the acquisition of SOFTBANK Co., Ltd., which bolstered investment advisory services and integrated expertise into the group's operations. The formative period emphasized pioneering internet financial services, exemplified by the October 1999 launch of Securities' online trading platform, which established the group as an early leader in Japan's sector amid the dot-com era's emphasis on digital innovation. By July 2005, the company restructured significantly, renaming itself Holdings, Inc. and transitioning to a model that transferred core operations, such as , to specialized subsidiaries for enhanced efficiency and strategic focus. This evolution laid the groundwork for the group's diversification into five primary business segments.

Expansion and Key Milestones

Following its , SOFTBANK INVESTMENT CORPORATION achieved a significant milestone in February 2002 when it was listed on the First Section of the , enhancing its visibility and access to capital markets to fuel subsequent expansion efforts. This upgrade marked a pivotal step in the company's growth trajectory, enabling broader investor participation and supporting strategic initiatives in the financial sector. By , the group had begun consolidating its subsidiaries, including the merger of FINANCE ALL CORPORATION and SBI Partners Co., Ltd., which strengthened its securities operations under SBI Securities Co., Ltd. A key operational launch occurred in September 2007 with the commencement of banking services by SBI Sumishin Net Bank, Ltd., a that expanded SBI Holdings' footprint into banking and diversified its financial offerings. This move aligned with the group's strategy to integrate digital platforms across its ecosystem, building on earlier ventures like the establishment of SBI Wellness Bank Co., Ltd. in April 2007 for healthcare-related financial services. Further innovation came in December 2019 when SBI Securities Co., Ltd. announced plans for commission-free trading services, positioning the group as a leader in cost-competitive online brokerage amid evolving market demands. Business diversification accelerated during this period, particularly into and . In June 2012, SBI Holdings established SBI Capital Management Co., Ltd. as an to oversee funds and expand beyond core . In biotechnology, the group advanced through SBI ALApromo Co., Ltd., founded in May 2008 to research 5-aminolevulinic acid (5-ALA) products, culminating in the September 2013 launch of ALAGLIO®, a diagnostic agent for malignant approved in . These developments underscored SBI Holdings' commitment to cross-sector innovation, leveraging its financial expertise to support emerging fields. Global outreach intensified via strategic investments in international and . Notable examples include the January 2016 investment in U.S.-based Fundbox Ltd. for invoice financing solutions and a with Ripple Labs Inc. in the same month to explore applications in payments. The group also expanded in , acquiring a stake in Vietnam's TIEN PHONG COMMERCIAL JOINT STOCK BANK in August 2009 and granting a Capital Markets Services Licence to SBI Securities (Singapore) Pte. Ltd. in October 2019, facilitating securities trading in . Additionally, a September 2014 with Israel's Vertex enabled co-investments in global tech startups, enhancing SBI Holdings' portfolio.

Recent Developments and Acquisitions

In December 2021, SBI Holdings, through its subsidiary SBI Regional Bank Holdings Co., Ltd., successfully completed a tender offer, making Shinsei Bank, Limited a consolidated subsidiary of the SBI Group. This acquisition, valued at approximately 114 billion yen, marked a significant expansion of SBI's banking operations and aimed to enhance its digital financial services ecosystem. Building on its digital finance initiatives, in December 2023, Osaka Digital Exchange Co., Ltd. (ODX), a joint venture involving SBI Holdings, launched the "START" platform, Japan's first proprietary trading system for security tokens. This development enabled the trading of digital securities, including real estate-backed tokens from issuers like Kenedix Office Investment Corporation, starting on December 25, 2023, and positioned SBI at the forefront of tokenized asset markets. In July 2025, completed the repayment of approximately 230 billion yen in public funds injected during the banking crisis, fulfilling a key condition for potential relisting and marking the full resolution of legacy obligations. This milestone, executed on July 31, 2025, through the acquisition of preferred shares held by the Deposit Insurance Corporation of , strengthened the subsidiary's within the SBI Group. Following this, on July 11, 2025, filed for relisting on the , targeting an of up to 400 billion yen ($2.6 billion) as of November 2025. Amid evolving regulatory landscapes, SBI Holdings has accelerated its expansion into crypto-assets and next-generation businesses, in response to Japan's Financial Services Agency's consideration in 2025 of easing rules to permit banking groups to offer trading services. This includes partnerships for issuance compliant with 2023 regulations and the launch of crypto-asset contracts for difference (CFDs) via Securities on August 25, 2025, enhancing 's role in the sector. The SBI Group continues to build a cohesive by integrating acquired entities, such as Shinsei Bank, into its five core businesses: , , Investment, Crypto-asset, and Next Gen Businesses. This integration leverages synergies across , investment platforms, and to drive cross-segment growth and customer-centric innovations.

Business Segments

Financial Services

SBI Group's financial services segment encompasses a range of client-facing operations in banking, securities brokerage, trading, and , delivered primarily through platforms to and corporate customers in and select international markets. Key subsidiaries include , which offers full-service banking solutions following its acquisition by the group in 2021, and SBI Securities, Japan's leading online brokerage firm that pioneered commission-free trading options for domestic stocks through its Neo-securities initiative launched in 2019. These entities enable seamless access to core financial products, emphasizing user-friendly interfaces over traditional branch-based services. The segment provides essential services such as internet banking via SBI Shinsei Bank, which supports account management, payments, and loans through secure online portals, alongside FX trading through SBI FXTRADE, a dedicated platform established in 2011 offering margin trading with competitive spreads and real-time market tools accessible via mobile applications. Insurance products are distributed through group entities under SBI Insurance Group, including non-life coverage from SBI Insurance and life insurance from SBI Life Insurance, all integrated into one-stop online marketplaces like Moneyplaza for bundled financial planning. These offerings cater to diverse client needs, from individual savers to businesses seeking efficient transaction processing. SBI Group holds a dominant position in Japan's online landscape, with Securities maintaining the top market share in retail trading volume and ranking among the largest internet banks by deposits, driven by a strategic focus on to enhance accessibility and efficiency. Innovations include the integration of mobile applications for on-the-go trading and account management, as seen in the FXTRADE , and API-based services that facilitate connectivity for corporate clients' financial operations, such as automated payments and . All activities adhere strictly to standards set by the Japanese Financial Services Agency, ensuring robust compliance in areas like customer protection and market integrity.

Asset Management and Investments

SBI Group's operations encompass , , and broader fund management, forming a core pillar of its business alongside . Through specialized subsidiaries, the group invests in high-growth opportunities, particularly in technology-driven sectors, to generate long-term returns for institutional and individual investors. This segment emphasizes strategic capital deployment in unlisted companies, leveraging global networks to support and expansion. A key subsidiary in this domain is SBI Investment Co., Ltd., which manages venture capital funds and has invested in a cumulative total of 1,314 companies, achieving 219 successful exits as of March 31, 2025. This entity focuses on early- to growth-stage ventures, providing not only funding but also operational support to enhance portfolio company viability. Complementing this, SBI Asset Management Co., Ltd. oversees diversified funds following the 2022 merger with SBI Bond Investment Management Co., Ltd. and SBI Regional Capital Management Co., Ltd., enabling a comprehensive approach to asset allocation. The investment business targets growth-stage companies, with a particular emphasis on and technology startups across global markets, including , the , and emerging regions. Investments are concentrated in areas such as , , and technologies, with an investment balance of ¥892.5 billion and new commitments of ¥129.6 billion in the ended March 2025. This strategy supports portfolio diversification, with 292 active investments spanning multiple industries and geographies. In terms of scale, SBI Group's oversees total of ¥9.7 trillion as of March 31, 2025, including ¥9.1 trillion in investment trusts covering equities, bonds, and alternative assets. Alternative investments, particularly and , represent a significant portion, contributing to of ¥112.7 billion and profits of ¥67.2 billion in the same period. The group aims to double this AUM to ¥20 trillion by the end of 2027 through product diversification and alliances, such as joint ventures with global firms like and . Notable portfolio highlights include investments in fintech leaders like , a payments provider, where SBI Holdings made a strategic stake in 2020 to bolster digital ecosystems, and Wirex, a UK-based platform, which received $3 million from SBI's Fund in 2017 to expand multi-currency services. These examples underscore the group's focus on high-growth sectors, prioritizing scalable technologies that align with trends. The overarching strategy centers on long-term value creation via programs and strategic partnerships, fostering synergies between investees and the broader SBI . This includes providing support and leveraging group resources for market entry, while maintaining a disciplined approach to in volatile sectors. Early efforts in , such as the 2001 acquisition of SOFTBANK , laid the for this integrated model.

Biotechnology, Healthcare, and Medical Informatics

SBI Group's , Healthcare, and segment focuses on developing innovative healthcare technologies, encompassing (R&D), AI-driven , and preventive health services. This division leverages advanced biotechnologies such as 5-aminolevulinic acid (5-ALA) applications and (pDC) platforms to address unmet needs, including cancer diagnostics, autoimmune diseases, and lifestyle-related conditions. Through subsidiaries and strategic alliances, the group advances , telemedicine, and , integrating expertise to enhance secure health data analytics and systems. A core initiative involves Pharmaceuticals, which specializes in 5-ALA-based products for pharmaceuticals, health foods, cosmetics, and medical devices. 5-ALA enables fluorescence-guided detection of cancers, such as , by accumulating in malignant cells and emitting light under specific illumination, facilitating precise surgical interventions. The company has developed diagnostic agents and skincare products that promote cellular production and moisturization, contributing to improved patient outcomes and . In April 2021, Pharmaceuticals completed Phase III clinical trials for a 5-ALA treatment targeting mitochondrial diseases in collaboration with photonamic , marking a milestone in therapies. Additionally, 5-ALA supplements have seen increased adoption post-COVID-19 for immune support, reflecting heightened global health consciousness. SBI Biotech drives using a pDC platform, which modulates immune responses by targeting plasmacytoid dendritic cells—the "conductors" of the . This technology activates immune responses against cancers or suppresses them for autoimmune diseases like and systemic , aiming to create novel therapeutics for intractable conditions. The subsidiary verifies drug candidates through clinical trials before licensing to pharmaceutical partners, with multiple candidates advancing toward regulatory approval. These efforts underscore SBI Group's commitment to innovative immunology-based treatments. In medical informatics, SBI Group entered the field in November 2020 through a capital and business alliance with Medical Data Vision Co., Ltd. (MDV), acquiring a significant stake to digitalize medical data and harness analytics. MDV provides hospital management systems that accumulate vast datasets on treatments and outcomes, enabling AI-enhanced analysis for improved diagnostic accuracy and . This addresses limitations in traditional , such as low precision in diagnoses, by facilitating secure for pharmaceutical R&D and epidemiological . Further strengthening ties, SBI Holdings acquired additional shares in MDV in August 2023 to deepen collaboration on solutions. A with DataRobot since December 2020 integrates generative for advanced in healthcare operations. SBI Healthcare supports preventive care through online platforms, offering one-on-one coaching via a dedicated app to manage and related complications like and . Established in 2019, this subsidiary uses for telemedicine-style s, partnering with insurers to deliver free services that promote lifestyle changes and reduce medical costs. By focusing on early , it enhances for patients with chronic conditions. Strategically, the segment combines biotech R&D with to tackle Japan's aging population challenges, where and age-related diseases strain healthcare systems. Initiatives like 5-ALA diagnostics and pDC therapies aim to lower treatment burdens through precision , while data analytics platforms enable predictive insights. Internationally, a 2024 memorandum of understanding with Saudi Arabian entities seeks to advance biotech R&D and foster innovation in the region, extending SBI's expertise beyond . Overall, these efforts position the group as a key player in sustainable solutions, emphasizing operational advancements in and data-driven .

Emerging and Other Businesses

SBI Group's crypto-asset business has expanded significantly through platforms like , which resulted from the merger of TaoTao with the existing . This entity now serves as a primary platform for trading and blockchain-related services in , with a customer base reaching 1.65 million accounts and deposit balances of JPY 670 billion as of May 2025. In 2024, the crypto-asset segment generated revenue of JPY 80.8 billion, marking a 41.4% year-over-year increase, alongside before of JPY 21.2 billion, up 151.8% from the prior year. Additionally, through its UK-based B2C2, provides institutional-grade trading services, which saw enhanced profitability following global market shifts in early 2025. Recent initiatives include a March 2025 with to promote USDC adoption, enabling public offerings via starting March 26, 2025. In real estate and system solutions, SBI has integrated technology to support tokenized assets and financial infrastructure. The Osaka Digital Exchange (ODX), established in 2021, launched the "START" platform in December 2023 as Japan's first secondary trading market for security tokens, particularly targeting tokenized real estate to enhance liquidity and financing options for enterprises. This development allows for the trading of digital representations of property assets, with initial listings including real estate-backed tokens from partners like Ichigo Inc. Complementing this, SBI introduced a cloud-based accounting system in December 2024, developed with Future Architect, Inc., to streamline operations for regional banks within Japan's financial ecosystem. These solutions emphasize property management technologies and IT integrations tailored for secure, efficient financial processing. SBI's next-generation businesses explore Web3, AI, and sustainable technologies to drive innovation. The group has invested in Web3 through initiatives like an NFT marketplace and crypto asset trust services launched in July 2023, alongside partnerships such as with Ripple for blockchain applications and R3 for distributed ledger technologies. In AI, SBI established the JPY 100 billion Digital Space Fund in 2023 to target startups in AI, semiconductors, and fintech, including investments in Preferred Networks for advanced AI development. Sustainable tech integrations are pursued via funds like the JPY 60 billion AI & Blockchain Fund (extended to 2027), focusing on environmentally conscious innovations aligned with Society 5.0 goals. A strategic alliance with NTT Group, formalized post-2020, co-creates ecosystems in Web3, media, and asset management, while a 2025 partnership with Chainlink accelerates tokenized real-world assets and stablecoins. In fiscal year 2024, the next-gen segment reported revenue of JPY 30.7 billion, a 15.1% increase year-over-year. These emerging areas interconnect with SBI's core financial operations to foster synergies and future growth. For instance, the "ZERO Revolution" initiative, ongoing since 2019 but yielding post-2020 results, has driven cross-group customer referrals, such as 550,000 accounts to by March 2025, boosting overall ecosystem engagement. ODX's trading, launched in 2023, complements traditional by enabling tokenized securities that link and with banking services. Similarly, and investments enhance IT solutions for , improving efficiency in trading and , while sustainable tech aligns with broader objectives to attract institutional capital. This integrated approach positions SBI to leverage digital innovations for scalable, diversified revenue streams.

Financial Performance and Market Presence

Revenue, Profit, and Key Metrics

SBI Holdings reported consolidated of ¥1,443.7 billion for the fiscal year ended March 31, 2025 (FY2025), marking a 19.3% year-over-year (YoY) increase from ¥1,210.5 billion in FY2024, driven primarily by growth in and investment activities. Net attributable to owners reached ¥162.1 billion, an 85.8% YoY rise from ¥87.2 billion, reflecting strong profitability gains across segments. before tax surged 99.4% YoY to ¥282.3 billion, underscoring the group's robust operational performance. In the first half of FY2026 (ended September 30, 2025), accelerated to ¥902.6 billion, up 33.5% YoY, with attributable to owners climbing 270.7% YoY to ¥165.8 billion, fueled by exceptional gains in private equity investments. By segment, the business contributed the majority of FY2025 revenue at ¥1,202.2 billion, accounting for approximately 83% of the total, followed by Other businesses (including crypto-assets and investments) at ¥193.5 billion (13%), & Solutions at ¥33.8 billion (2%), and & Medical Informatics at ¥30.7 billion (2%). In H1 FY2026, generated ¥707.4 billion (78% of total revenue, +13.8% YoY), while investments within Other businesses surged to ¥141.1 billion (+1,054.5% YoY), highlighting the segment's and high growth potential. contributed ¥18.6 billion (+9.2% YoY), and & Medical Informatics added ¥14.3 billion (+16.6% YoY), demonstrating steady expansion in non-core areas. The integration of Shinsei Bank in 2021 has notably enhanced the segment by bolstering banking assets and customer base. Key metrics for FY2025 included a (ROE) of 12.8%, up from 7.7% in FY2024, and total assets growing 18.3% YoY to ¥32.1 , reflecting expanded scale post-acquisitions. The cost-income ratio rose to 19.6% from 11.7%, indicating higher operational expenses relative to income amid investments and . In H1 FY2026, annualized ROE reached 22.5%, surpassing the group's FY2028 target of 15%. Profitability has been supported by favorable interest rate environments benefiting banking and operations, as well as strong returns in private , which turned a loss into ¥110.5 billion in profit before tax in H1 FY2026. However, challenges include regulatory costs and burdens, particularly in the crypto-asset segment, which incurred a ¥2.5 billion unauthorized outflow leading to a minor loss in H1 FY2026 despite 8.9% revenue growth. Year-over-year, these drivers have propelled overall net profit growth exceeding 60% in FY2025 and over 170% in H1 FY2026, though segment-specific pressures like securities revenue declines (-5.0% YoY) temper uniform expansion.

Stock Information and Global Reach

SBI Holdings, Inc., the parent company of the SBI Group, is publicly traded on the under the TYO: 8473. As of September 2025, the company had approximately 330.32 million . The company's stood at 2.22 trillion as of November 7, 2025, reflecting a 124.49% increase over the past year. Over the 52-week period ending November 2025, SBI Holdings' stock reached a high of 7,724 yen on October 9, 2025, and a low of around 3,000 yen earlier in the year, demonstrating amid fluctuations. The firm maintains a progressive , with a forward annual of 180 yen per share yielding approximately 2.67% as of late 2025, and a payout of about 18%, supported by a diverse base that includes institutional investors and retail shareholders primarily in . SBI Group's global presence spans multiple continents through a network of overseas subsidiaries and strategic investments, particularly in , , and the . In , the group operates key entities such as SBI Ven Capital Pte. Ltd. in , a firm focusing on and sectors across the region since 2007. In , SBI Ventures Europe serves as the group's investment arm, targeting innovative technologies in and related fields. While direct U.S. subsidiaries are limited, the group maintains investments in American and firms through its arms. Overall, the SBI Group comprises approximately 721 consolidated subsidiaries as of the fiscal year ending March 2025, including six publicly listed entities that enhance its international footprint. The group's international strategy emphasizes expansion via in and , targeting high-growth emerging markets. Notable examples include a with SC Ventures in the , capitalized at $100 million to invest in digital assets, infrastructure, and DeFi technologies across the and beyond. Additionally, partnerships like the 2025 collaboration with Financial aim to integrate stablecoins such as USDC into Asian financial ecosystems, while efforts with Startale Group focus on on-chain trading platforms to drive adoption in emerging economies. This approach leverages SBI's expertise in to build ecosystems in regions like and the , fostering cross-border opportunities without heavy reliance on physical branches. The group briefly referenced its early international listing on NASDAQ Japan in 2000 as a foundational step toward global investor engagement, though its primary trading remains on the .