SBI Holdings Breaks New Ground with JPY 10bn Security Token Bond; Debuts as First Listing on ODX’s ‘START’ Platform
SBI Securities has announced the upcoming sale of SBI Holdings’ inaugural security token (ST) bond, a landmark issuance valued at 10 billion yen. Dubbed the "SBI START Bond," the offering represents the very first asset to be traded on the "START" proprietary trading system (PTS) operated by the Osaka Digital Exchange (ODX).
The 3-year unsecured bond marks SBI Holdings' entry into the ST bond market as an issuer. While SBI Securities has been active in the space since executing Japan's first general investor STO in April 2021, this issuance utilizes the "ibet for Fin" blockchain consortium led by BOOSTRY. This infrastructure allows for the digital completion of business processes ranging from issuance to redemption, moving away from the traditional management via the Japan Securities Depository Center (JASDEC).
Liquidity is a focal point of this deal. Following the subscription period, the bonds are scheduled for handling on the ODX "START" PTS beginning March 25, 2026. This listing is expected to enhance price transparency and offer investors a secondary market for liquidity, a feature often limited in traditional corporate bond issuances handled through over-the-counter (OTC) transactions.
In a move characteristic of SBI’s ecosystem synergy, the firm is incentivizing retail participation by offering XRP cryptocurrency rewards based on the purchase amount. The bond carries a preliminary coupon guidance of 1.85% to 2.45% per annum, with final pricing to be determined on March 10.
Offering Summary: SBI Holdings 1st Unsecured ST Bond
Issuer: SBI Holdings
Instrument: 1st Unsecured Security Token Bond (Digital Recorded Transfer Method)
Nickname: SBI START Bond
Total Issue Size: ¥10 Billion
Face Value: ¥10,000
Tenor: 3 Years
Financial Terms:
- Interest Rate Guidance: 1.85% – 2.45% per annum (Final rate to be determined March 10, 2026)
- Issue Price: ¥100 per ¥100 face value
- Redemption Price: ¥100 per ¥100 face value
- Credit Rating: A- (R&I)
Key Dates:
- Subscription Period: March 11, 2026 – March 23, 2026
- Payment Date: March 24, 2026
- Secondary Trading Start (ODX): March 25, 2026
- Maturity Date: March 23, 2029
Technical & Administrative:
- Lead Underwriter: SBI Securities
- Bond Administrator / Registrar: Mizuho Bank
- Blockchain Platform: ibet for Fin (BOOSTRY)
- Incentives: Allocation of XRP (crypto asset) based on investment volume to eligible domestic investors
Norbert Gehrke
