Key Takeaways
- • SBI Securities and Rakuten Securities are launching regulated Bitcoin and Ethereum investment trusts, allowing Japanese retail investors to gain crypto exposure through existing brokerage accounts without opening separate exchange accounts.
- • SBI Global Asset Management is targeting ¥5 trillion ($32 billion) in assets under management within three years of product launch, with full in-house management from design through distribution.
- • Eleven additional major Japanese brokerages—including Nomura, Daiwa, and Mizuho Securities—have signaled intent to enter the market once regulatory frameworks are finalized, demonstrating broad traditional finance sector interest in crypto products.
- • Investment trusts remove friction for retail adoption by allowing customers to purchase digital asset exposure as mutual fund-like products directly within smartphone trading apps, matching existing user behavior patterns.
- • Japan's major brokerages already hold licensed cryptocurrency exchanges and regulatory relationships, positioning them to scale infrastructure rapidly once formal rules are established.
Summary
Japan's largest online brokerages are accelerating retail access to digital assets through a structured product strategy that leverages existing regulatory infrastructure. SBI Securities and Rakuten Securities are developing in-house Bitcoin and Ethereum investment trusts—regulated funds that hold digital assets and allow investors to purchase units rather than coins directly. This approach fundamentally shifts the customer journey: instead of opening separate cryptocurrency exchange accounts or managing private wallets, Japanese retail investors can now access Bitcoin and Ethereum exposure through the same brokerage accounts used for stocks, bonds, and traditional mutual funds.
SBI Global Asset Management, the group company handling product development and distribution for SBI Securities, has set an ambitious target of ¥5 trillion (approximately $32 billion) in assets under management within three years of launch. The strategy centers on vertical integration—SBI intends to control the entire value chain from product design through customer distribution, eliminating dependency on external partners. Rakuten Securities is pursuing a comparable model through Rakuten Investment Management, with particular emphasis on enabling direct trading of these products within its existing smartphone applications, aligning the user experience with established retail crypto trading behavior.
The regulatory environment is approaching clarity, which explains the accelerated timeline. A Nikkei survey of 18 Japanese financial firms revealed that eleven companies—including major players such as Nomura, Daiwa, and Mizuho Securities—indicated willingness to enter the market once regulatory frameworks are finalized. This response signals substantial traditional finance appetite for crypto products, despite formal rules still being in development. Both SBI and Rakuten benefit from existing competitive advantages: they operate licensed cryptocurrency exchanges and maintain established regulatory relationships with Japanese authorities, positioning them to scale operations efficiently as official guidance crystallizes.
The investment trust structure addresses a critical adoption barrier for retail investors. By converting direct cryptocurrency ownership into a regulated fund product, these brokerages reduce perceived complexity and regulatory risk while preserving exposure to Bitcoin and Ethereum price movements. The timing suggests Japanese regulators are moving toward formal acceptance of crypto investment vehicles, a development that could reshape retail digital asset participation across Asia's second-largest economy.
SBI Global Asset Management, the group company handling product development and distribution for SBI Securities, has set an ambitious target of ¥5 trillion (approximately $32 billion) in assets under management within three years of launch. The strategy centers on vertical integration—SBI intends to control the entire value chain from product design through customer distribution, eliminating dependency on external partners. Rakuten Securities is pursuing a comparable model through Rakuten Investment Management, with particular emphasis on enabling direct trading of these products within its existing smartphone applications, aligning the user experience with established retail crypto trading behavior.
The regulatory environment is approaching clarity, which explains the accelerated timeline. A Nikkei survey of 18 Japanese financial firms revealed that eleven companies—including major players such as Nomura, Daiwa, and Mizuho Securities—indicated willingness to enter the market once regulatory frameworks are finalized. This response signals substantial traditional finance appetite for crypto products, despite formal rules still being in development. Both SBI and Rakuten benefit from existing competitive advantages: they operate licensed cryptocurrency exchanges and maintain established regulatory relationships with Japanese authorities, positioning them to scale operations efficiently as official guidance crystallizes.
The investment trust structure addresses a critical adoption barrier for retail investors. By converting direct cryptocurrency ownership into a regulated fund product, these brokerages reduce perceived complexity and regulatory risk while preserving exposure to Bitcoin and Ethereum price movements. The timing suggests Japanese regulators are moving toward formal acceptance of crypto investment vehicles, a development that could reshape retail digital asset participation across Asia's second-largest economy.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.