SBI Holdings, the Tokyo-listed financial group, is intensifying its crypto play by pursuing a controlling stake in Singapore-based Coinhako. Through its wholly owned subsidiary SBI Ventures Asset, SBI signed a nonbinding letter of intent with Holdbuild, Coinhako’s parent company, to inject capital and acquire shares from existing investors. If the deal moves forward, SBI would secure a majority stake and Coinhako would become a consolidated subsidiary, subject to regulatory approvals. Financial terms were not disclosed, and the investment structure remains under discussion. The proposal signals SBI’s broader ambition to build international digital-asset infrastructure beyond a single trading platform, including ventures in tokenized securities and stablecoins.

Chairman and CEO Yoshitaka Kitao framed the development as part of a larger strategy rather than a mere acquisition. He underscored Coinhako as a building block in SBI’s plan to create cross-border rails for digital assets, aligning with efforts to expand tokenized securities, settlement networks, and regulated stablecoins across Asia-Pacific. The Singapore base would offer a licensed footprint in one of the region’s most regulated crypto hubs, potentially smoothing the path for SBI’s foreign-market expansion.

Coinhako, founded in Singapore, operates a regional digital-asset trading platform and related services through Hako Technology, which is licensed by the Monetary Authority of Singapore as a Major Payment Institution. The group also runs Alpha Hako, a virtual asset service provider registered with the British Virgin Islands Financial Services Commission. The exchange’s trajectory has included SBI’s involvement in 2021 via the SBI-Sygnum-Azimut Digital Asset Opportunity Fund, a vehicle that signaled SBI’s willingness to co-invest with established crypto and traditional-finance partners.

Yusho Liu, Coinhako’s co-founder and CEO, framed the alliance as a pathway to scale institutional-grade systems. He emphasized that the partnership would address rising demand for tokenized assets and stablecoins while reinforcing Singapore’s role as a linchpin of the world’s next-generation financial system. The collaboration is seen as a catalyst for deeper liquidity, more robust custody tools, and scalable settlement workflows that could attract regulated participants seeking compliant, cross-border rails.

For SBI, the potential consolidation of Coinhako dovetails with a long-running strategy to broaden its blockchain footprint. The group has pursued tokenization initiatives, payment networks, and other crypto-related businesses for several years. In December 2025, SBI partnered with Startale Group to develop a fully regulated Japanese yen-denominated stablecoin aimed at tokenized asset markets and cross-border settlement, with issuance and redemption handled by Shinsei Trust & Banking and circulation supported by SBI VC Trade, SBI’s own crypto exchange. Earlier in 2025, SBI Group joined forces with Chainlink to build digital-asset tools for financial institutions in Japan and across the Asia-Pacific region. Taken together, these moves illustrate SBI’s intent to connect traditional finance with crypto-native capabilities—spanning custody, liquidity, and programmable settlement rails.

The announcement comes at a time when Singapore’s regulatory framework continues to attract and shape institutional crypto activity. By seeking a licensed base in Singapore, SBI would align with a jurisdiction that has sought to balance innovation with consumer protections and market integrity. The nonbinding nature of the LOI means terms could evolve, and the ultimate path to a definitive agreement will hinge on regulatory scrutiny and the willingness of both sides to align on governance, integration, and capital deployment. The Coinhako deal, if consummated, would place a notable cross-border asset under SBI’s umbrella, potentially accelerating the bank’s ability to service institutional clients seeking regulated access to tokenized assets and stablecoins in Asia’s evolving ecosystem.

Industry observers will watch closely how the transaction might influence Coinhako’s roadmap. A successful consolidation could enable deeper institutional onboarding, more rigorous risk-management protocols, and a broader product set that leverages SBI’s capital, technology, and network—potentially including enhanced liquidity provisioning, custody enhancements, and more formalized cross-border settlement rails. Yet the deal also poses questions about regulatory approvals, competition in Singapore’s exchange landscape, and how a larger SBI-backed entity would interact with local incumbents and market entrants. As with many cross-border crypto ventures, execution risk centers on navigating a complex regulatory matrix and aligning strategic priorities across jurisdictions.

Beyond Coinhako, SBI’s broader blockchain push signals a continuing appetite among major financial groups to blend traditional finance with crypto-native capabilities. The yen-stablecoin initiative with Startale, the Chainlink collaboration, and other partnerships indicate a deliberate roadmap toward tokenized markets, regulated stablecoins, and interoperable networks that can support tokenized securities, digital cash equivalents, and cross-border settlement. If the Coinhako talks crystallize into a binding deal, SBI could gain a foothold in Singapore’s regulated crypto infrastructure, potentially serving as a gateway for further collaborations, licenses, and product launches across the region. The coming months are likely to reveal whether these strategic threads converge into a cohesive, long-term platform strategy or remain a portfolio of exploratory projects that complement SBI’s core banking and payments businesses.

Key takeaways

• SBI Holdings’ subsidiary SBI Ventures Asset signed a nonbinding letter of intent to inject capital into Coinhako and acquire shares from existing investors, potentially giving SBI a majority stake and making Coinhako a consolidated subsidiary pending approvals.
• The terms of the arrangement were not disclosed, and the deal structure remains under discussion, subject to regulatory clearance.
• Coinhako operates a MAS-licensed trading platform in Singapore, with additional services via Alpha Hako in the British Virgin Islands; the exchange has previously attracted SBI investment.
• CEO Yusho Liu described the partnership as a path to scale institutional-grade systems to meet demand for tokenized assets and stablecoins, reinforcing Singapore’s role in the future financial system.
• SBI’s broader blockchain initiatives—yen-stablecoin development with Startale and digital-asset tools with Chainlink—underscore the group’s aim to build cross-border, regulated rails for digital assets in Asia-Pacific.

Market context: The move reflects ongoing consolidation and institutionalization of crypto activities in regulated Asia markets, with Singapore acting as a focal point for cross-border infrastructure and compliant product suites. Regulatory approvals will shape the timeline and scope of any definitive agreement, while the broader market trend toward tokenized assets and stablecoins provides a backdrop for SBI’s expansion strategy.

Why it matters

The potential consolidation of Coinhako under SBI would extend SBI’s footprint beyond traditional financial services into a regulated, cross-border crypto platform. If completed, the transaction could accelerate Coinhako’s ability to scale institutional-grade operations, offering more robust custody, liquidity, and integration with SBI’s broader payments and tokenization programs. The arrangement also signals how large financial groups view regulated hubs like Singapore as launchpads for cross-border crypto activity, not just as regional trading venues but as gateways to tokenized markets across Asia-Pacific.

For Coinhako, the deal could bring additional capital, governance expertise, and access to a global network of financial partners, potentially speeding up product development and regulatory compliance improvements. For Singapore, the move reinforces the city-state’s standing as a regulated center for digital assets, encouraging more collaboration between traditional financial institutions and crypto-native platforms while maintaining stringent oversight to protect market integrity.

From a broader market perspective, SBI’s actions—coupled with its yen-stablecoin initiative and Chainlink collaboration—illustrate a trend among traditional financiers to build multi-faceted ecosystems that blend tokenized assets with regulated stablecoins and cross-border settlement workflows. This could influence how other regional players structure partnerships, custody solutions, and liquidity access as demand for regulated, scalable crypto infrastructure continues to rise.

What to watch next

• Definitive agreement: Sign-off on a binding agreement and disclosure of terms, subject to regulatory approvals.
• Regulatory review: MAS scrutiny and any conditions placed on a potential consolidation and cross-border activities.
• Structural details: Governance, board representation, and integration plans for Coinhako within SBI’s corporate umbrella.
• Product roadmap: Any announced additions to Coinhako’s platform, including tokenized assets or stablecoin-related services linked to SBI’s ecosystem.
• Follow-up disclosures: Additional statements from SBI, Holdbuild, or Coinhako regarding timelines, milestones, or financing rounds.

Sources & verification

• SBI Holdings announces a nonbinding LOI to acquire Coinhako via a press release (pdf): https://www.sbigroup.co.jp/english/news/pdf/2026/0213_a_en.pdf
• Coinhako’s previous SBI investment described in a Cointelegraph article: https://cointelegraph.com/news/sbi-holdings-invests-in-singapore-crypto-exchange-coinhako
• Startale and SBI yen-stablecoin collaboration mentioned in Cointelegraph: https://cointelegraph.com/news/japan-sbi-and-startale-plan-regulated-yen-stablecoin-in-2026-under-new-framework
• SBI Group’s Chainlink partnership to build digital asset tools for APAC: https://cointelegraph.com/news/sbi-group-partners-chainlink-crypto-asia-finance-market
• Background discussion on Asia-Middle East corridor and permissioned-scale approaches: https://cointelegraph.com/news/future-crypto-asia-middle-east-corridor-lies-in-permissioned-scale

SBI bid to anchor Coinhako: implications and next steps

PI’s relief rally has arrived! How high will it go?

Pi Network’s native token has shown significant signs of revival in the past several days, surpassing $0.20, where it encountered resistance. What are the most important levels and what’s next?

PI Network (PI) Price Predictions: Analysis

Key support levels: $0.15

Key resistance levels: $0.20

1. PI Finds Support

After a prolonged downtrend, PI has finally found good support above $0.15 and is now keen to test the resistance at $0.20. If successful, then the asset may finally enter a sustained recovery after months of decline.

2. Buying Exploded

Since February 12th, buyers rushed to this cryptocurrency and managed to push its price higher by 50%. This is an impressive rally in such a short period, but it is about to face the resistance at $0.20, which could cut this run short.

3. Daily MACD Turns Bullish

Another positive sign is the daily MACD that turned bullish. The histogram is making higher highs, and there are no signs of weakness at the time of this post. This supports a continuation of this rally, but watch closely the price reaction at $0.20 since sellers could return there.

Ethereum price is hovering just below the $2,000 mark, a level that now feels more like a ceiling than support.

Ethereum was trading around $1,981, rising nearly 1% in the past 24 hours. Over the last week, the coin has moved in a tight band between $1,907 and $2,098, reflecting a pause after a period of heavy selling.

The market’s recent slide has been sharp. In the past month, Ethereum (ETH) has dropped about 40% and now sits roughly 60% below its August 2025 record high of $4,946. Activity is slowing down too. Spot trading over the last day totaled $22 billion, down 32% from the previous session, pointing to cooling spot activity.

Derivatives markets show similar caution. Data from CoinGlass shows that total futures volume fell 5.7% to $38 billion, while open interest dropped slightly to $23 billion, down 1.1%. When open interest falls while prices barely move, it usually means traders are cutting back on risk rather than betting on a major breakout.

On-chain data points to a cooling market

On Feb. 17, analytics firm Alphractal reported that Ethereum’s “Market Temperature” is nearing cold levels. This metric combines the MVRV Z-Score, RVT, and NUPL to assess if the market is oversold or overheated. 

In the past, readings near or below zero have often signaled periods of lower speculative activity. Emotional trading wanes, valuations are reset, and unrealized gains decrease.

During previous cycles, markets that stayed in these cold zones for a while often set the stage for longer-term growth as more experienced investors gradually added to their positions.

Separately, a Feb. 16 analysis by CryptoQuant contributor CW8900 found that Ethereum whales are currently sitting on unrealized losses comparable to previous cycle bottoms.

Despite that, they have continued accumulating and now hold their largest balances on record, without having taken profits this cycle. That behavior suggests positioning for a future rally rather than capitulation.

Ethereum price technical analysis

Ethereum is stuck in the $1,900–$2,100 “cold zone.” Tiny daily candles show indecision as the price hovers just below $2,000, showing that traders are cautious.

The chart continues to print lower highs and lows, maintaining the downward trend. Earlier this year, ETH was pushed sharply down from above $3,000, confirming the sell-off, and no higher high has yet been formed to signal a reversal.

The 20-day moving average, which is also the Bollinger Bands’ middle, is above the tokens’ current value. The downward slope of the upper band, which is close to $2,650, strengthens the bearish pressure.

Momentum remains weak. The relative strength index recently fell into oversold territory near 20–25, then bounced to the mid-30s. Still, it has stayed below 50, keeping ETH in a bearish momentum phase. 

There has been a slight recent price recovery from $1,800 to $1,900. The move appears to be more corrective than a true rally because there isn’t a significant bullish engulfing candle or volume surge. 

Key resistance levels are $2,150–$2,200, $2,650, and $2,800. On the downside, $1,900 offers immediate support. Below that, the recent low is between $1,750 and $1,800, with $1,600 serving as the next significant support area.

If buyers can close daily candles above $2,150–$2,200 and push the RSI above 50, ETH could aim for $2,400. But if $1,900 fails to hold, the path may open toward $1,700–$1,600.

As today’s XAU/USD chart shows, the price of gold has dropped below the lows of 12 February, marking its weakest level in ten days. According to media reports, several factors are weighing on bullion:

→ Easing geopolitical tensions. Safe-haven demand has diminished amid US–Iran and Russia–Ukraine negotiations.
→ Slowing US inflation. This may be prompting traders to reassess expectations for Federal Reserve policy in 2026.
→ The holiday effect. With Presidents’ Day in the US and Lunar New Year celebrations in Asia, trading volumes have declined. In such thin market conditions, prices can become more vulnerable to speculation and abrupt moves.

On 9 February, when analysing gold price movements, we:

→ confirmed the validity of the long-term ascending channel;
→ noted that following a spike in extreme volatility at the turn of the month, the market could begin seeking a new equilibrium;
→ suggested a scenario involving a contraction in price swings on the XAU/USD chart, with the potential formation of temporary balance between supply and demand around the psychological $5k mark.

Indeed, from 9 to 12 February the market formed a consolidation zone slightly above $5k — more precisely, between resistance R1 and local support S1.

Technical Analysis of the XAU/USD Chart

A false bullish breakout (indicated by the arrow) highlighted the bulls’ inability to sustain momentum and effectively became a trap for buyers.

This, in turn, allowed bears to attempt to seize the initiative, resulting in a successful break below the S1 level. Subsequently, the breached level acted as resistance (R2).

Today’s decline on the XAU/USD chart suggests that:

→ bears remain in control, as evidenced by the break of local support S2;
→ a key argument in favour of the bulls may come from the major support at the lower boundary of the long-term channel.

In February, the market has already twice returned within the boundaries of the long-term upward channel. It cannot be ruled out that the price will remain inside it. Notably, if a decisive break above the resistance line (shown in red) occurs, this could reasonably be interpreted as a breakout of a bullish flag pattern.

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Metaplanet stock edged up just about 3% on the daily chart following the earnings release, but the broader trend remains under pressure. Despite the short-term bounce, the stock is still down roughly 37% over the past month, highlighting investor concerns over the company’s aggressive Bitcoin accumulation strategy and volatile earnings profile.

The Tokyo-listed Metaplanet’s stock dropped from around ¥540–¥550 levels to approximately ¥338, according to the latest monthly chart data. The sharp decline reflects market reaction to the company’s latest fiscal year results and the risks tied to its sizable Bitcoin exposure.

Metaplanet stock reacts to FY results amid Bitcoin volatility risk

In its latest full-year results, Metaplanet reported a dramatic surge in revenue, driven largely by its Bitcoin (BTC) focused operations.

For the year ending December 31, 2025, the company recorded ¥8.905 billion (about $58 million) in revenue, a 738% increase year-over-year, and reported an operating profit of ¥6.287 billion (around $41 million), up nearly 1,700% from the prior year.

Despite the strong operational performance, Metaplanet posted a net loss of roughly ¥95 billion (about $619 million), largely due to a non-cash valuation loss of approximately ¥102.2 billion (about $660 million) on its Bitcoin holdings as prices declined during the reporting period.

As accounting rules require digital asset holdings to reflect market value changes, swings in BTC prices can heavily distort bottom-line results.

Bitcoin-heavy strategy amplifies volatility

Metaplanet has rapidly scaled its crypto treasury, ending 2025 with 35,102 Bitcoin, up from just 1,762 BTC the year before, a roughly 1,892% increase, making it one of the largest corporate holders globally and the largest in Japan.

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That Bitcoin stack now represents a core part of its balance sheet and revenue model, with much of its income tied to Bitcoin-related trading and yield activities.

However, the sharp correction in Bitcoin prices over recent months has turned what once were unrealized gains into deep paper losses, eroding investor confidence and weighing on the share price.

Metaplanet’s approach effectively makes the stock a leveraged play on Bitcoin itself, which has heightened market sensitivity as the crypto asset swings.

For traders and shareholders, the near-38% monthly drop underscores the risk of coupling equity valuation tightly to a volatile crypto asset, even when underlying operations are growing. Until Bitcoin stabilizes, Metaplanet’s share performance will likely continue to track broader crypto market sentiment.

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Monero price confirmed a bullish reversal pattern as dip buyers capitalized on a recent drop. XMR now eyes a potential rally to as high as $420 over the coming weeks, as demand for privacy solutions is on the rise.

According to data from crypto.news, Monero (XMR) price rose nearly 9% to an intraday high of $344 on Tuesday, Feb. 17, while its market cap moved back above $6.3 billion.

Dip buyers took an interest in the token after it fell to a yearly low of $284 earlier this month. While it has retraced some of the losses, XMR still lies 57% below its yearly high of $788.50.

Now, on the daily chart, Monero price has confirmed a breakout from a falling wedge pattern, one of the most popular bullish reversal patterns formed by two converging and descending lines. Historically, a breakout from such patterns has been followed by days of consistent uptrend before losing momentum.

The technical breakout gains strength from a bullish MACD crossover and an RSI that is trending close to oversold levels.

Hence, the next key resistance level for Monero lies at $381, the 200-day EMA, which would serve as the final hurdle to validate a long-term trend reversal.

Breaking above this level could offer bulls the support needed to test the psychological resistance level at $420.  XMR price breakouts have stalled around this area in past market cycles.

There are multiple catalysts that are driving the Monero rebound today and could continue to act as a tailwind in the days ahead.

First, investors seem to be rotating capital from other privacy-centric tokens such as Zcash (ZEC) and Dash (DASH) as they rebalance their portfolios. Zcash, for instance, has lost much of its investor appeal after its core development team resigned last month.

Second, Monero is also benefiting from a renewed demand for privacy tokens, especially as regulators across the globe are tightening oversight. New reporting standards across many jurisdictions now require platforms to share user identities and transaction histories with authorities, which has sparked concerns over the sector’s privacy ethos. 

At the same time, recent reports suggest XMR has become a popular means of payment across darknet marketplaces, where large-scale transactions are creating an additional source of demand. 

Hyperliquid price has remained in a downtrend over the past two weeks, dropping nearly 20% since its yearly high as network revenues have slumped. Will the token crash now that it has confirmed a bearish crossover?

According to data from crypto.news, Hyperliquid (HYPE) price fell 25% to a monthly low of $28.5 on Wednesday last week after it hit a yearly high of $37.8. It has since managed to retrace some of its losses, exchanging hands at $30.2 when writing.

Hyperliquid price has been in a downtrend due to lingering bearish sentiment in the crypto market after Bitcoin (BTC), the bellwether crypto asset, fell through multiple key psychological resistance levels one after the other, dampening investor appetite for other major cryptocurrencies.

The token’s price has fallen amid weakness in key fundamental metrics. Data from DeFiLlama shows that the weekly revenue generated by the network has dropped 55% to $11.8 million last week, while the total value locked in the platform has dropped from its yearly high of $4.7 billion to $4.24 billion.

A drop in TVL and revenue generated on the network suggests that trading activity on the exchange is cooling off. Specifically, a drop in revenue generated by the platform also lowers the total amount of capital the platform gets to buy back and burn tokens from the market. This reduction in deflationary pressure makes it harder for the price to recover while sell-side pressure remains high.

The short-term outlook for Hyperliquid price also appears to be bearish when looking at its daily chart. Notably, the MACD lines have confirmed a bearish crossover with growing red histograms signaling that selling pressure seems to overwhelm buyers.

HYPE’s daily RSI has also entered into a descending channel formation and was close to dropping below the neutral threshold. Furthermore, HYPE price was drawing closer towards the 38.2% Fibonacci retracement level at $28.4, drawn from last year’s April low to September high.

A break below this key psychological level risks a move toward $21.10. Between the bearish technical crossover and underwhelming weekly revenue, the token is trending toward the target nearly 20% lower than current prices.

On the contrary, if HYPE manages to bottom and rebound from $28.4, it could retrace back toward its yearly high of $37.8. This would likely require a broader recovery in the crypto market as well, alongside a resurgence in trading volumes on the Hyperliquid platform to drive the necessary demand.

Decentralized lending protocol ZeroLend says it is shutting down completely after the blockchains it operates on have suffered from low user numbers and liquidity.

“After three years of building and operating the protocol, we have made the difficult decision to wind down operations,” ZeroLend’s founder, known only as “Ryker,” said in a post the protocol shared to X on Monday.

“Despite the team’s continued efforts, it has become clear that the protocol is no longer sustainable in its current form,” he added.

ZeroLend focused its services on Ethereum layer-2 blockchains, once touted by Ethereum co-founder Vitalik Buterin as a central part of the network’s plan to scale and remain competitive.

However, Buterin said earlier this month that his vision for scaling with layer 2s “no longer makes sense,” that many have failed to properly adopt Ethereum’s security, and that scaling should increasingly come from the mainnet and native rollups.

ZeroLend operated at loss due to illiquid chains, says Ryker

ZeroLend’s Ryker said the reason for the shutdown is that several blockchains the protocol supported “have become inactive or significantly less liquid.”

He added that in some cases, oracle providers — services that fetch data and are often crucial to running protocols — have stopped support on some networks, making it “increasingly difficult to operate markets reliably or generate sustainable revenue.”

“At the same time, as the protocol grew, it attracted greater attention from malicious actors, including hackers and scammers,” Ryker said. “Combined with the inherently thin margins and high risk profile of lending protocols, this resulted in prolonged periods where the protocol operated at a loss.”

He added that the protocol will ensure users can withdraw their assets, adding, “We strongly encourage all users to withdraw any remaining funds from the platform.”

Ryker said some user funds may be locked on blockchains that have seen “significantly deteriorated” liquidity, and ZeroLend will upgrade the protocol’s smart contracts with the aim of redistributing stuck assets.

Related: TradFi giant Apollo enters crypto lending arena via Morpho deal

He added that ZeroLend has also been working to trace and recover funds tied to an exploit in February last year, where protocol users of a Bitcoin (BTC) product on the Base blockchain were exploited after an attacker drained lending pools.