Institutional venue EDX Markets raises $76M Series C led by SBI Holdings

Quick Take

• EDX Markets raised a $76 million Series C led by SBI Holdings to scale its institutional-only digital asset trading and central clearing platform.
• The round supports expansion of trading, clearing, settlement and custody, including an OCC trust bank application and its EDX FlowConnect crypto-as-a-service product.

EDX Markets has closed a $76 million Series C equity round led by Tokyo-based SBI Holdings, the companies announced via press release. The capital will be used to expand EDX's institutional trading venue and central clearing infrastructure for digital assets.

The new funding will support product development across trading, clearing and settlement, as well as global operational scaling. EDX said the raise comes amid rising institutional participation in digital assets and demand for infrastructure that mirrors traditional market standards on resilience, transparency and risk management.

EDX operates an institutional-only marketplace designed to emulate traditional exchanges, offering a central order book, deep liquidity and a separate central clearinghouse. The firm positions its structure as reducing counterparty and operational risk for members while delivering capital efficiencies for institutional crypto trading.

SBI joins the cap table as a strategic investor, extending its broader push into regulated digital asset infrastructure. The group has recently launched JPYSC, a yen-denominated stablecoin backed by a trust bank, and is involved in domestic handling of USD stablecoins including PayPal's RLUSD and Circle's USDC.

"We're pleased to welcome SBI as a strategic partner as we continue to expand our suite of digital asset products and services," EDX CEO Tony Acuña-Rohter said in the announcement. He added that SBI's global financial network and digital asset ecosystem "strengthens our ability to deliver the capabilities and market access that financial institutions need to engage with digital assets confidently and at scale."

Yoshitaka Kitao, Representative Director, Chairman and President of SBI Holdings, said in the release that "EDX has built and provides a robust, regulatory-compliant platform that addresses the growing demand for institutional digital asset infrastructure." He framed trusted market infrastructure as a critical foundation for institutional adoption as SBI builds out its stablecoin and digital asset offerings.

EDX has been extending its product set beyond the core venue. Earlier this year, it launched EDX FlowConnect, a crypto-as-a-service product that lets financial firms embed digital asset trading into their own offerings for end customers while using EDX for execution and infrastructure.

The company has also filed an application with the U.S. Office of the Comptroller of the Currency to establish EDX Trust, a proposed national trust bank that would provide regulated digital asset custody, clearing, settlement and risk management services. The Series C funding is expected to support build-out tied to that regulatory pathway, alongside continued geographic expansion and feature development for institutional clients.