SBI Holdings, Japan-based financial services, has released the latest fiscal report highlighting a remarkable surge in SBI’s crypto-focused venture capital firm. The report analyzes six months ending on September 30, 2019.
Significant growth has been experienced in profits from the cryptocurrency mining business, SBI Crypto. According to the data, the earnings before the income tax expense added around $10 million from $7.2 million in losses in the H1 financial year 2018 to $2.7 million in the H1 financial year 2019. The SBI has mentioned the anticipation of a further hike in the scale of digital currency mining following the new miner operations within a year, and also in-house miner operations by the next year.
The SBI affiliate conducting a crypto-asset exchange, SBI VC Trade, became a subsidiary of SBI Securities in July of the current year.
Parallel to this, the trading revenue of SBI securities’ has also risen by 19.2% in 2019, majorly due to the addition of the crypto investment wing in the firm. The inclusion turned around a loss of $7.1 million in the H1 FY2018 to a profit of 3.2 billion in H1 FY2019.
