SBI’s Crypto-Focused Venture Capital Arm Sees Major Turnaround On Year

SBI Securities’ trading revenue surged 19.2% in 2019, largely due to the inclusion of the company’s crypto investment wing, which turned a $7.1 million loss into a $30 million profit over the year.

On Oct 30. SBI Holdings released its new financial report where it analyzed the results of the six-month period report that ended on Sept 30, 2019. The report highlights a major growth of SBI’s crypto-heavy venture capital arm in the year 2019 even though SBI’s revenue was suffering downhill.

30 Million Rise In Profit Within A Year

The report states that SBI VC Trade’s profit before income tax expense saw a considerable increase during the first half of the fiscal year (FY) 2019. The number increased from 765 million Japanese yen ($7.1 million) where it was in losses in H1 FY2018 to going high as 3.2 billion yen ($30 million) in profits in H1 FY2019.

SBI Holdings noted that SBI VC Trade, an SBI affiliate that operates a crypto asset exchange, became a subsidiary of SBI Securities in July 2019. 

SBI has experienced a significant increase in profits through its crypto mining business SBI Crypto. The business’ profit before income tax expense added almost $10 million from 783 million yen ($7.2 million) in losses in H1 FY2018 to 293 million yen ($2.7 million) in H1 FY2019.

It added that it is expecting further growth in the scale of crypto asset mining due to new mining operations within the year as well as in-house miner operations in 2020.

Source: cointelegraph.com | sbigoroup.co.jp Image: coinfomania.com

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