Monex Group, Inc.
8698・Prime Market・Securities & Commodity Futures
Business
Monex Group is a global financial holding company comprising four segments: Japan, United States, Crypto Asset, and AM/WM. Its principal subsidiaries include TradeStation Securities (U.S. online brokerage), Coincheck (crypto asset exchange), Monex Asset Management (investment management), and Monex PB (private banking for high-net-worth clients). The company provides comprehensive financial services—spanning traditional financial assets to crypto assets and blockchain—to a broad client base ranging from individual investors to institutional investors. Consolidated operating revenue for FY2026 (ending March 2026) was ¥83,606 million.
Business Model
In the Securities Business, commissions received (¥25,794 million) and financial revenue (¥27,707 million) are the main pillars. In the Crypto Asset Business, in addition to trading gains/losses (¥10,276 million), staking revenue (revenue of ¥2,528 million) has emerged as a new revenue source. In the AM/WM Business, management fees linked to assets under management and performance fees (commissions received of ¥7,725 million) form stock-type revenue. Each segment having different revenue drivers enhances resilience against fluctuations in the market environment.
Company Strengths
TradeStation Securities recorded operating revenue of ¥54,462 million in FY2026 (ending March 2026), a record high. DARTs reached 238,365 (up 5.9% year on year), commissions received increased 4.5% in US dollar terms, and financial revenue increased 6.5% in US dollar terms, demonstrating stable revenue expansion through its active-trader-focused model.
Monex Asset Management's assets under management expanded 71.2% year on year to ¥1,185.4 billion. Commissions received increased 123.5% year on year to ¥7,725 million, driven by an increase in performance fees from the Monex Activist Fund and other factors, and AM/WM Business segment profit (pre-tax) achieved substantial growth to ¥6,135 million.
Coincheck Group N.V. listed on the US NASDAQ in December 2024, enhancing its brand recognition and credibility. With the "Coincheck" crypto asset app ranked No. 1 in downloads for seven consecutive years, the company is diversifying its revenue sources and expanding its customer base through the new recognition of Staking Service revenue (¥2,528 million) and a capital and business alliance with KDDI.
ENVALITH's Perspective
Performance Trend
Total revenue (on a consolidated income statement basis) trended as follows: ¥96,311 million in FY2022 → ¥81,221 million in FY2023 → ¥84,973 million in FY2024 → ¥79,570 million in FY2025 → ¥92,787 million in FY2026. In FY2026 (ending March 2026), operating revenue expanded to ¥83,606 million (up 13.3% year on year). The main drivers of the revenue increase were a sharp rise in performance fees in the Asset Management / Wealth Management Business (commission income up 123.5% year on year), a record-high operating revenue for the Securities Business, and the new recognition of staking revenue in the Crypto Asset Business. With the drop-off of one-time losses recorded in the previous period (such as De-SPAC listing-related expenses), pre-tax income improved substantially to ¥15,758 million (versus a loss of ¥4,626 million in the previous period), and profit attributable to owners of parent came to ¥10,914 million (versus a loss of ¥5,067 million in the previous period). As an external factor, the US dollar appreciated 0.9% against the yen year on year, creating a slight headwind for the yen-denominated revenue of the Securities Business. Cash flow from operating activities improved to ¥17,806 million (versus ¥13,300 million in the previous period).
Growth Strategy
Evolving into a global financial group through diversification across three axes—Securities, Crypto, and AM/WM—and a capital alliance with KDDI
TradeStation Securities, Inc. achieved record-high operating revenue of ¥54,462 million in FY2026 (ending March 2026). DARTs reached 238,365 (up 5.9% year on year), with expanded trading volume from active traders. Diversification of financial revenue also progressed, including increased revenue related to securities lending transactions. The company continues to aim for expanded market share in the U.S. market.
MAM assets under management expanded sharply, up 71.2% year on year, driven by a substantial increase in success fees from Monex Activist Fund. Following the transition of Westfield Capital Management (assets under management of USD 24,694 million) to an equity method affiliate, equity in earnings of affiliates was newly recorded. Collaboration with the Private Banking Service for high-net-worth clients (Monex PB) diversified the customer base.
Coincheck Group N.V. completed its NASDAQ listing in December 2024. In May 2026, the company entered into a third-party allotment of new shares to KDDI Corporation (USD 65,063,256.48, with KDDI's ownership ratio at 14.9%), establishing a strategic partnership. Full-scale rollout of Staking Service revenue (revenue of ¥2,528 million) diversified revenue sources.
From FY2026 (ending March 2026), reportable segments were restructured from a regional basis to a functional basis (Securities, Crypto, AM/WM, and Investment). 3iQ Digital Holdings Inc. was transferred from the AM/WM Business to the Crypto Asset Business, strengthening the group management structure. Optimization of the business portfolio has enhanced the strategic independence of each segment as well as collaborative efficiency.
The company has established a policy of a minimum annual dividend of ¥30 per share, with a payout of 50% of net income attributable to owners of the parent per share as the floor when 50% exceeds ¥30. The forecast dividend for FY2027 (ending March 2027) is ¥30.80. The company also maintains a policy of flexible share buybacks. The dividend payout ratio for FY2026 (ending March 2026) was 70.7%.
Last updated: July 19, 2026