Home/Crypto & Digital Assets/GMO internet group, Inc.

GMO internet group, Inc.

9449.TMEDIUM-HIGH

Core · Weight: 8%· Data as of 2026-04-24

¥3,045-1.14%

6-month daily

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

2026-05

2026-Q3

2026-Q4

Update History

2026-04-24exploreNEW

View report →

New addition to Crypto theme. GMO-Z.com Trust (NYDFS-chartered) is one of few regulated JPY stablecoin issuers globally. FY2025 revenue ¥285.3B (+3.3%), OP ¥59.1B (+19.5%), ROE 17.3%. Anchored position for stablecoin race.

theme_inclusion:not in themeCore, 8%

Key Metrics

26.04

N/A

Fwd PE

N/A

P/B

17.3%

ROE

20.7%

Op Margin

N/A

D/E

1.35%

Div Yield

N/A

FCF

N/A

Mkt Cap

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)[source](2024-01)
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)[source](2023-06)
confirmed	Stellar / Solana / Ethereum (blockchain infra)	Multi-chain stablecoin issuance	GYEN and ZUSD live on Stellar, Solana, and Ethereum via GMO-Z.com Trust[source](2024-01)
confirmed	Binance	GYEN retail distribution partnership (2021)	GMO Internet partnered with Binance to bring GYEN to retail users; partnership continues under NYDFS-greenlisted framework[source](2021-06)
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%)[source](2026-04-24)

Sources & References

↗↗↗↗↗

Peer Comparison

Company	PE	Fwd PE	ROE	Op Margin	FCF
SBI Holdings, Inc.	4.97	N/A	30.0%	N/A	N/A
Monex Group, Inc.	14.93	N/A	7.0%	14.6%	N/A
GMO internet group, Inc.	26.04	N/A	17.3%	20.7%	N/A
Metaplanet Inc.	N/M	N/A	N/M	71% (FY26E)	N/A
Remixpoint, Inc.	N/M	N/A	N/M	N/M	N/A