EDX Markets Raises $76 Million in Series C Financing Led by SBI Holdings

EDX Markets, an institutional-focused digital asset exchange backed by major Wall Street firms, has completed a $76 million Series C round led by Japan's SBI Holdings. EDX said the proceeds will be used to scale its trading infrastructure, build new products, and support international expansion. Despite launching trading only in mid-2023, the platform has ramped quickly: by late 2024, EDX reported more than $36 billion in cumulative notional trading volume, and said daily volumes reached record highs above $685 million. The Series C follows a $65 million Series B completed in January 2024, co-led by Pantera Capital and Sequoia Capital, bringing combined later-stage funding over roughly a year to $141 million. SBI's role as lead investor highlights its continued push into digital assets across Asia, with investments spanning exchanges, custody, and blockchain technology. EDX operates on technology from MEMX, the members exchange backed by some of Wall Street's largest firms. EDX was founded in 2022 by a consortium that included Citadel Securities, Fidelity Digital Assets, Virtu Financial, and Charles Schwab. EDX initially listed a limited set of assets—Bitcoin, Ethereum, Litecoin, and Bitcoin Cash—before expanding in November 2024 to include Dogecoin and Shiba Inu. In early 2024, it added a central clearinghouse, enabling integrated trading and clearing services. The exchange has also integrated with FlexTrade and Ripple Prime to broaden access to spot and perpetual futures liquidity, with FlexTrade providing execution management tools widely used by hedge funds and asset managers. On the regulatory front, EDX filed an application in April 2026 with the Office of the Comptroller of the Currency to establish EDX Trust, a national trust bank. If approved, EDX Trust would offer regulated custody, clearing, and settlement services.