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Japan's SBI in Talks Over Joint Venture to Make Crypto a Core Revenue: Source
SBI founder and CEO Yoshitaka Kitao said his firm would turn the planned crypto venture into a core source of profitability.
Updated May 9, 2023, 3:15 a.m. Published Feb 15, 2021, 9:53 a.m.
SBI Holdings, a major Japanese financial-services firm, is in discussions with foreign financial firms to establish a cryptocurrency joint venture.
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According to a report from Reuters on Monday, the venture aims to expand SBI's existing cryptocurrency endeavors into a significant revenue stream.
SBI founder and CEO Yoshitaka Kitao said his firm would "definitely" turn the venture into a core earner for SBI, while adding his firm is considering large-scale mergers and acquisitions (MA).
Kitao noted at least two deals were on the table for discussion with possible joint-venture partners, but declined to disclose further details.
The plans were apparently prompted by cryptocurrency's entrance into the financial mainstream. “Institutional investors – mainly hedge funds – have recently started investing in cryptocurrencies ... Not just institutional investors but also Elon Musk," Kitao told Reuters on Friday.
Last Tuesday, Tesla, the electric-car maker founded by Musk, disclosed it had bought $1.5 billion in bitcoin as part of its new investment policy to “acquire and hold digital assets from time to time or long term.”
See also: Japanese Financial Giant SBI Holdings Launches Short-Term Crypto Derivatives
Kitao said in order to become "number one," SBI's choice would be to buy a leading company or create alliances with other major global companies.
"Our MA strategy will not be something like taking minority stakes in many companies," he said
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