GMO Financial Holdings, Inc.
7177・Standard Market・Securities & Commodity Futures
Business
GMO Financial Holdings (GMO-FH) is an internet financial holding company under the GMO Internet Group. With 16 consolidated subsidiaries, it operates on two pillars: the "Securities & FX Business," handled by GMO Click Securities and GMO Click Securities (GMO Foreign Currency), and the "Crypto Asset Business," operated by GMO Coin. The group maintains a combined domestic OTC FX trading volume share exceeding 20% across its three group companies, providing individual investors with a one-stop offering of FX, CFD, stocks, and crypto assets. The company is also cultivating new non-financial businesses such as the Virtual Office Business and a medical platform. Within the GMO Internet Group, GMO-FH is solely responsible for internet finance and crypto asset exchange operations, with no internal competition within the group.
Business Model
The core of revenue is spread income (trading gains and losses) from OTC derivatives such as FX and CFD; of the ¥49,518 million in operating revenue for FY2025, trading gains and losses accounted for ¥36,059 million, or approximately 73%. This is a variable revenue structure linked to customer trading volume and volatility, and is strongly affected by market conditions. To complement this, the company is working to build a stable revenue base by expanding stock-type products such as staking, crypto asset lending, and recurring investment trust contributions.
Company Strengths
The three group companies—GMO Click Securities, GMO Click FX (GMO Gaika), and GMO Coin—combined have stably maintained a domestic OTC FX trading volume share exceeding 20%. The share of the number of traders has also been on an upward trend, and the company is steadily expanding its customer base in a market where domestic OTC FX trading value has exceeded ¥10 quadrillion for four consecutive years.
In FY2025, the Securities & FX Business posted operating revenue of ¥40,125 million against operating income of ¥13,420 million (margin of 33.4%), while the Crypto Asset Business posted operating revenue of ¥6,666 million against operating income of ¥3,246 million (margin of 48.7%). Low-cost operations enabled by in-house developed systems underpin the high profit margins.
The company's source of competitiveness lies in its high technical capability to develop financial systems in-house, having established a development structure including its Vietnamese subsidiary (GMO-Z.COM FINANCIAL SYSTEM VN). Total capital expenditure in FY2025 was kept restrained at ¥1,305 million, and the high cost efficiency achieved through in-house system development is reflected in the profit margins.
ENVALITH's Perspective
Performance Trend
On a full-year basis, net sales for FY2025 (December 2025) were ¥49,518 million and operating profit was ¥15,866 million, marking a recovery to profit growth year on year. For the first quarter of FY2026 (December 2026), operating revenue reached ¥16,234 million (up 25.1% year on year), net operating revenue was ¥15,017 million (up 24.4%), operating profit was ¥6,462 million (up 53.1%), and ordinary profit was ¥6,435 million (up 80.3%), setting new record highs on a quarterly basis. As an external factor, buoyant conditions in commodity markets such as gold and crude oil, together with rising volatility in stock price indices, pushed CFD (Contract for Difference) trading gains/losses to more than three times the level of the same period of the previous year (Securities & FX Business trading gains/losses: ¥8,336 million → ¥12,064 million). Meanwhile, sluggish crypto asset market conditions led to a decline in both revenue and profit in the Crypto Asset Business. Selling, general and administrative expenses came to ¥8,555 million (up 8.9% year on year), with the rate of increase kept in check relative to the increase in revenue, revealing the effects of operating leverage. The shift in provision for allowance for doubtful accounts, from ¥400 million in the same period of the previous year to a reversal of ¥120 million, also contributed to the boost in profit.
Growth Strategy
A four-pronged parallel strategy: strengthening FX/CFD, expanding crypto assets, entering the insurance business, and nurturing new businesses
Promoting revenue diversification away from FX dependence through the new offering of Exchange CFD "Click Kabu 365" (launched May 2025) and expansion of commodity CFDs. In Q1 FY2026 (ending December 2026), CFD revenue expanded to more than 3 times year-on-year, confirming the effectiveness of the strategy numerically.
Fully eliminated stock and mutual fund trading commissions in September 2025 to acquire new customers and improve brand awareness. In the short term, this leads to a decline in commission income received (Q1 FY2025: ¥1,298 million → Q1 FY2026: ¥785 million), but aims to strengthen the medium- to long-term revenue base through an increase in the number of accounts.
Expanding stock-type products such as the Staking Service and Tsumitate Crypto Asset (Recurring Investment) to build a stable revenue base less susceptible to market conditions. Q1 FY2026 saw a decline in revenue and profit due to sluggish market conditions, but the company is preparing a framework to capture institutional tailwinds such as the approval of crypto asset ETFs and tax reform.
On March 27, 2026, acquired all shares of GMO Small-Amount Short-Term Insurance (formerly LASHIC Small-Amount Short-Term Insurance) for ¥85 million, making it a subsidiary. Leveraging the characteristics of small-amount short-term insurance, which allows for the concurrent operation of life and non-life insurance, the company aims to create synergies with the customer base of its existing financial, medical, and virtual office businesses. Goodwill of ¥83 million was recorded (to be amortized equally over 5 years).
Promoting the provision of AI Chart by GMO in the Medical Platform Business (Healthtech ONE by GMO) (launched March 2024) and expanding the cumulative user base of the Virtual Office Business (GMO OFFICE) to around 40,000 users. Currently, the "Other" segment is in a stage of upfront investment, posting an operating loss of ¥354 million (Q1 FY2026), but the policy is to accelerate monetization by promoting cross-selling within the group through GMO One Account (a common ID).
Last updated: July 17, 2026