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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  SBI Holdings, Inc.    8473   JP3436120004

SBI HOLDINGS, INC.

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SBI : Japan?s SBI to buy minority stake in UK crypto market maker B2C2

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07/01/2020 | 05:31am EDT

By Alun John and Takashi Umekawa

A unit of Japanese financial conglomerate SBI Holdings has agreed to buy a minority stake in London-based cryptocurrency marketmaker B2C2 for $30 million, B2C2 said in a statement on Wednesday.

They also announced a partnership between B2C2 and SBI Financial Services, the latest example of more institutionally-focused crypto-currency players tying up with incumbent institutions to offer additional services to meet their clients' more complex needs.

Meanwhile, Japanese brokerages, like SBI, are seeking new sources of revenue, as a recession has hit their core income stream of local retail traders.

SBI will use B2C2's liquidity to support its clients trading cryptocurrencies, while B2C2 will tap SBI's resources, especially its balance sheet, to launch a full prime brokerage for both crypto and other asset classes, Max Boonen B2C2's founder said in an interview.

Prime brokers provide services to hedge funds and other active trading firms but Boonen said that partly because of the lack of access to funds, some typical prime brokerage services like clearing and financing were under-developed in the cryptocurrency industry.

However, he added, "We don't want to limit ourselves to crypto. Crypto is the thing we do because that was how we started,... we're keeping our eyes on the prize which is that the [prime brokerage] market is a 20 billion annual revenue market," he said.

B2C2 currently provides liquidity to banks, hedge funds and exchanges.

It already has a licence to operate in Japan, which has one of the world's most developed crypto currency markets, and regulatory frameworks.

Yoshitaka Kitao, President and CEO of SBI Holdings, said in the B2C2 statement that SBI would work to develop innovative new crypto products.

A sepatate SBI statement said that it would acquire a stake in B2C2.

(This story refiles to fix spelling of Boonen in fifth paragraph)

(Reporting by Alun John, additional reporting by Takashi Umekawa in Tokyo; Editing by Simon Cameron-Moore)

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Financials
Sales 2021 342 B 3 190 M 3 190 M
Net income 2021 43 665 M 408 M 408 M
Net Debt 2021 - - -
P/E ratio 2021 11,3x
Yield 2021 4,88%
Capitalization 492 B 4 612 M 4 600 M
EV / Sales 2020
Capi. / Sales 2021 1,44x
Nbr of Employees 8 003
Free-Float 94,4%
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Mean consensus BUY
Number of Analysts 5
Average target price 2 760,00 JPY
Last Close Price 2 133,00 JPY
Spread / Highest target 36,0%
Spread / Average Target 29,4%
Spread / Lowest Target 17,2%
EPS Revisions
Managers
NameTitle
Yoshitaka Kitao President, CEO & Director
Katsuya Kawashima COO, Representative Director & Vice President
Shumpei Morita Senior MD, Head-Finance & Accounting
Masaki Yoshida Director
Takashi Nakagawa Representative Director, VP & Head-Personnel
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