SBI Holdings’ Crypto Revenue Falls 30% in Fiscal First Half

SBI Holdings’ crypto-asset business recorded a 30.1% revenue decline in the six months through Sept. 30, even as the Japanese financial group’s first-half revenue reached a record.

The crypto business generated ¥23.083 billion in revenue for the period. Its pretax loss widened to ¥1.595 billion from ¥147 million a year earlier.

The decline was concentrated in July through September. Revenue for those three months was about ¥9.2 billion, nearly 60% below the same quarter a year earlier.

Across the group, revenue rose 17.2% to about ¥1.06 trillion. SBI Holdings announced the results Monday, Nov. 2.

The group launched JPYSC, a yen stablecoin, in June, within the reporting period. Bitbank became a wholly owned SBI Holdings subsidiary on Oct. 1, after the period ended; SBI completed its Bitbank acquisition that day.