GMO internet group, Inc.
9449.TMEDIUM-HIGHScore: 36.2Core · Weight: 8%· Data as of 2026-04-24
Investment Thesis
Diversified crypto-infrastructure exposure: parent owns GMO Coin (top-3 Japan crypto exchange) AND GMO-Z.com Trust Company (NYDFS-chartered issuer of GYEN and ZUSD stablecoins — world's first regulated JPY stablecoin). Core internet/hosting/payments business delivered FY2025 revenue ¥285.3B (+3.3%), OP ¥59.1B (+19.5%), ROE 17.3%, OP margin 20.7%. Crypto optionality sits on a profitable, dividend-paying, governance-compliant core — the rare crypto-exposed Japanese name where you don't need BTC to go up to make money.
Risk
1) GYEN class-action settlement ($6.8M) and prior 2022 de-peg event show stablecoin operational risk. 2) GMO Coin crypto revenue volatile with BTC cycles. 3) Withheld FY2026 outlook at FY2025 results (IFRS shift) — guidance uncertainty. 4) GYEN adoption lagging SBI/Startale JPYSC and MUFG Progmat.
Monitoring Trigger
TRIM to 5% if: GYEN market cap stays <$30M for 4 quarters OR cybersecurity OP growth drops <10%. ADD to 12% if: FSA approves GMO Trust to offer GYEN onshore in Japan OR GMO Coin hits new monthly volume ATH post-tax-reform. EXIT if: NYDFS suspends GMO Trust charter.
Key Dates
Key Metrics
Business Segments
| Segment | Revenue | Share | Description |
|---|---|---|---|
| Internet Infrastructure | Domain, hosting, SSL, .shop TLD | ||
| Internet Finance | GMO Aozora Net Bank, GMO Coin crypto exchange | ||
| Internet Security | Ierae, Flatt Security subsidiaries | ||
| Digital Assets | GMO-Z.com Trust — GYEN and ZUSD stablecoins | ||
| Online Advertising & Media |
Supply Chain Evidence
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| confirmed | Anchorage Digital | Institutional custody and trading of GYEN stablecoin | Anchorage Digital partnered with GMO-Z.com Trust to offer institutional custody and trading for GYEN, the world's first regulated JPY-backed stablecoin (Anchorage press release) |
| confirmed | Bitstamp | Secondary market listing of GYEN and ZUSD stablecoins | GMO-Z.com Trust announced launch of GYEN and ZUSD on Bitstamp via Stellar network (Stellar Development Foundation press release) |
| confirmed | Stellar / Solana / Ethereum (blockchain infra) | Multi-chain stablecoin issuance | GYEN and ZUSD live on Stellar, Solana, and Ethereum via GMO-Z.com Trust |
| confirmed | Binance | GYEN retail distribution partnership (2021) | GMO Internet partnered with Binance to bring GYEN to retail users; partnership continues under NYDFS-greenlisted framework |
| confirmed | GMO Coin (subsidiary) | Japan retail crypto exchange — BTC/ETH/XRP/stablecoin trading | Wholly-owned subsidiary, top-3 Japan crypto exchange by volume; direct beneficiary of Japan's crypto tax reform (55%→20.315%) |