SBI crypto business is bleeding while the rest of the financial giant hits record revenue.
Japan SBI Holdings reported its FY2027 first-half results (April–September 2026):
Crypto revenue: ¥23.083B (~$150.9M), down 30.1% YoY.
Pre-tax loss: ¥1.595B (~$10.4M), versus ¥147M (~$960K) a year earlier.
Total group revenue: ¥1.0575T (~$6.91B), up 17.2% YoY.
Crypto contributes only around 2% of total group revenue.
My take: SBI’s overall business is growing, but its crypto division is moving in the opposite direction. Being a financial giant doesn’t guarantee profits in crypto.
Record revenue upstairs, crypto losses downstairs. Even the suits can’t escape the bear market.
Temporary slowdown or a sign of tougher margins for crypto businesses?
Japan SBI Holdings reported its FY2027 first-half results (April–September 2026):
Crypto revenue: ¥23.083B (~$150.9M), down 30.1% YoY.
Pre-tax loss: ¥1.595B (~$10.4M), versus ¥147M (~$960K) a year earlier.
Total group revenue: ¥1.0575T (~$6.91B), up 17.2% YoY.
Crypto contributes only around 2% of total group revenue.
My take: SBI’s overall business is growing, but its crypto division is moving in the opposite direction. Being a financial giant doesn’t guarantee profits in crypto.
Record revenue upstairs, crypto losses downstairs. Even the suits can’t escape the bear market.
Temporary slowdown or a sign of tougher margins for crypto businesses?
