EDX Markets, the institutional-only crypto trading platform backed by a consortium of Wall Street heavyweights, has closed a $76 million Series C funding round. The round was led by SBI Holdings, a Tokyo-listed financial conglomerate, which also becomes a strategic investor in the exchange.
The round
The Series C brings EDX's total funding to date to well over $100 million. SBI Holdings joins existing investors including Citadel Securities, Fidelity Digital Assets, Charles Schwab, Virtu Financial, and Sequoia Capital. The Tokyo-based group is known for its deep ties to Japan's crypto ecosystem and its own crypto exchange, SBI VC Trade.
What EDX does
EDX Markets launched in 2023 as a non-custodial institutional exchange — meaning it doesn't hold client assets directly. Instead, it operates a central limit order book that matches buyers and sellers, while custody is handled separately by third-party partners like Anchorage Digital. The model is designed to appeal to traditional finance firms that want crypto exposure without taking on the custodial risk that brought down FTX.
The exchange currently supports Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, and has been expanding its product lineup. It also offers a clearinghouse service that nets trades and reduces settlement risk.
Why SBI
SBI Holdings is one of Japan's largest financial groups, with a market cap of roughly $10 billion. The firm has been aggressively building out its digital asset arm, including investments in crypto exchanges, blockchain infrastructure, and Web3 gaming. For EDX, the partnership opens a door to the Japanese institutional market, where SBI already has a strong foothold.
“SBI Holdings brings deep expertise in both traditional finance and digital assets, particularly in Asia,” the company said in a statement. The deal also gives SBI a seat at the table as EDX looks to expand beyond the U.S. and Europe.
What the money is for
EDX said the capital will fund the company's operations — a broad mandate that likely covers hiring, technology upgrades, and geographic expansion. The exchange has been quietly building out its team and infrastructure since its launch, and the fresh cash should accelerate those plans.
The timing is notable. Institutional interest in crypto has been uneven this year, with some firms pulling back after the 2025 market downturn. But EDX's backers are betting that a regulated, non-custodial model will win over risk-averse institutions as the market matures.
No timeline for the next funding round or a potential IPO was disclosed.
