TheBlock
EDX Markets closed a $76 million Series C with Japan's SBI Holdings as the sole investor, CEO Tony Acuña-Rohter told The Block. It is the first time the institutional crypto venue has disclosed the size of any of its funding rounds; two earlier rounds, whose backers included Charles Schwab, Citadel Securities, Fidelity Investments, Sequoia Capital and Paradigm, were kept confidential in both size and terms. Acuña-Rohter declined to disclose the round's structure or EDX's valuation.
Founded in 2022, EDX runs an institutional-only crypto trading venue built around a central clearinghouse, modeled on traditional exchange structure rather than the on-chain liquidity model most crypto venues use. The new capital is earmarked for expanding trading, clearing and settlement capabilities, accelerating product development and scaling globally, with a particular emphasis on onboarding large banks that have so far stayed on the sidelines.
Why it matters
A sole strategic investor writing a full $76M check is a notably different posture than the syndicate rounds that built the venue to date. SBI brings balance-sheet capital, an Asia-Pacific footprint and a parallel bet on regulated digital-asset rails, including the recently launched JPYSC, Japan's first trust bank-backed yen stablecoin, and domestic handling of USDC and RLUSD. The structure suggests EDX is shifting from broad-backer validation to deep strategic alignment as it pushes into bank-grade custody and clearing.
The round also lands while EDX is widening its product surface. The firm launched EDX FlowConnect earlier this year, a crypto-as-a-service layer that lets other firms offer digital-asset trading to their own clients, and recently filed with the Office of the Comptroller of the Currency to charter EDX Trust, a proposed national trust bank for custody, clearing, settlement and risk management. The SBI capital gives EDX room to invest behind those builds without diluting its strategic direction across a wide syndicate.
Market impact
The investor base reads as a statement of intent.
Frequently asked questions
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Who invested in EDX Markets' Series C?
Japan's SBI Holdings was the sole investor in the $76 million Series C, CEO Tony Acuña-Rohter told The Block. Earlier undisclosed rounds included Charles Schwab, Citadel Securities, Fidelity Investments, Sequoia Capital and Paradigm.
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How will EDX use the new funding?
EDX plans to expand trading, clearing and settlement capabilities, accelerate product development and scale global operations, with a focus on onboarding large banks. The firm is also pursuing an OCC national trust bank charter through EDX Trust.
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What is EDX Markets?
EDX Markets is an institutional-only crypto trading venue founded in 2022, built around a central clearinghouse modeled on traditional exchange structure. It serves banks, broker-dealers and other regulated institutions rather than retail flow.
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Why is SBI Holdings investing in EDX?
SBI sees EDX as regulated digital-asset infrastructure that complements its own push into stablecoins, including the recently launched JPYSC yen stablecoin and domestic handling of USDC and RLUSD. The investment also extends SBI's footprint into a US institutional execution venue.
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Has EDX disclosed its valuation?
No. CEO Tony Acuña-Rohter declined to disclose the Series C's structure or EDX's valuation, and earlier rounds were kept confidential in both size and terms. This Series C is the first round for which EDX has disclosed the dollar amount.
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