Chicago, Ill – October 16, 2017 -SBI Holdings and Bcause LLC announced today the closing of a Series “A” equity round in which SBI Holdings has agreed to be the lead investor. In this round, SBI Holdings has agreed to acquire a 40% holding in Bcause LLC and to provide significant amounts of crypto-currency mining gear to be co-located at Bcause’s mining operations in Virginia Beach, Virginia. Additional equity investments will be contributed by Bcause’s existing equity members and other interested parties.
Yoshitaka Kitao, Representative Director, President, and CEO of SBI Holdings, Inc., said, “Our investment into bcause will help them become the first US-regulated Designated Contracts Market exchange in the cryptocurrency derivatives market in the United States that can be provided for retail investors and will support the creation of a digital currency ecosystem in the strategic US market. This is an important, long-term partnership that will advance the development and wide spread use of digital currencies around the world.”
Frederick Grede, CEO of Bcause, said, “We are really excited to partner with SBI Holdings. Their success in Asia is well respected and we are honored to have them as both an investor and a strategic partner. Their deep experience operating markets in Asia sets them apart from the many other potential investors that we considered. This investment and this partnership will allow bcause to bring multiple pieces of the missing puzzle to the Crypto-Currency eco-system. Today, if you hold Bitcoin or any Alt-coin, and want to hedge the risk of holding that currency, your options are virtually non-existent. In a world with bcause, you will be able to mine coin, buy, and sell on our spot market, and once approved by the Commodity Futures Trading Commission, be able to buy and sell a variety of derivative product types that will allow you to mitigate the risks from price fluctuations.”
For the Series A, ASGARD Partners & Co. was appointed as Strategic and Capital Markets Advisor to the Company and Castle Placement acted as exclusive placement agent.
[About the SBI Group]
The SBI Group was established in 1999 as a pioneer of Internet-based financial services in Japan. Since then, the SBI Group has formed the world’s first Internet-based financial conglomerate, providing financial services in a broad range of fields including securities, banking and insurance. In addition, the SBI Group provides Asset Management Business, with a prime focus on investment in venture companies – an activity undertaken since before the Group’s founding. In this sphere, the SBI Group has made focused investments in the IT and biotechnology sectors, which are the 21st century growth industries. Currently, the development of new technologies is accelerating within the FinTech, IoT, AI, big data and related fields thus attracting global attention. The SBI Group is proactively investing in venture companies within these fields.