Key Takeaways
- • SBI Securities and Rakuten Securities are independently developing cryptocurrency investment trust products for retail distribution, removing the need for customers to open separate exchange accounts or crypto wallets to gain crypto exposure through existing securities accounts.
- • SBI Global Asset Management targets ¥5 trillion in crypto assets under management, planning to launch ETFs tied to Bitcoin and Ethereum alongside diversified multi-asset crypto investment trusts, with products expected to trade by 2028.
- • Japan's Financial Services Agency is revising the Investment Trust Act implementation ordinance by 2028 to formally classify cryptocurrencies as eligible asset categories, creating the regulatory framework enabling cryptocurrency-holding investment funds.
- • Major Japanese brokerages including Nomura Securities, Daiwa Securities, and SMBC Nikko are preparing to enter the crypto investment trust market once regulatory clarity is established, with SMBC Group establishing a cross-group task force and Asset Management One (Mizuho) beginning preliminary exploration.
- • The initiative represents a structural shift in retail crypto accessibility in Japan, allowing ordinary investors to access Bitcoin, Ethereum, and diversified crypto portfolios through traditional securities accounts rather than requiring separate cryptocurrency exchange infrastructure.
Summary
Japan's largest brokerages are mobilizing to launch cryptocurrency investment trusts targeting retail investors, with SBI Securities and Rakuten Securities leading the charge through independent product development initiatives. According to reporting by Nikkei, these firms are racing to capitalize on anticipated regulatory changes that would formally permit crypto-holding investment funds by 2028.
SBI Securities plans to distribute cryptocurrency investment products developed by group company SBI Global Asset Management, encompassing both exchange-traded funds and investment trusts focused on liquid digital assets such as Bitcoin and Ethereum. The group intends to manage the entire value chain—from product development through distribution—internally. Rakuten Securities is pursuing a parallel strategy, partnering with Rakuten Investment Management to develop products accessible directly through smartphone applications, a distribution advantage that aligns with the firm's retail-focused positioning. This vertical integration approach allows both firms to control product design, pricing, and customer experience without third-party intermediaries.
The significance of this initiative extends beyond product innovation. Currently, Japanese retail investors accessing cryptocurrency must establish dedicated exchange accounts or cryptocurrency wallets—a friction point limiting participation. Investment trusts eliminate this barrier by allowing crypto exposure through existing securities accounts, substantially lowering the technical and operational hurdles for retail participation. SBI Global Asset Management has reportedly targeted ¥5 trillion in crypto assets under management as part of this expansion strategy.
Beyond first-movers SBI and Rakuten, a broader cohort of major Japanese financial institutions is positioned to enter the market following regulatory formalization. Nomura Securities and Daiwa Securities have both announced plans to develop crypto investment trusts within their respective groups. SMBC Group, including SMBC Nikko Securities, has established a cross-group task force to evaluate strategic options, while Asset Management One, the asset management subsidiary of Mizuho Financial Group, has commenced preliminary exploration. A Nikkei survey of 18 major securities companies indicates that the competitive positioning for this emerging market segment is already underway.
The regulatory foundation for these initiatives hinges on Japan's Financial Services Agency plans to revise the Investment Trust Act implementation ordinance by 2028, formally designating cryptocurrencies as specific eligible asset categories within investment trust frameworks. This timeline establishes 2028 as the anticipated launch window for cryptocurrency ETFs and investment trust products in the Japanese market, providing clear visibility for institutional planning and capital allocation.
SBI Securities plans to distribute cryptocurrency investment products developed by group company SBI Global Asset Management, encompassing both exchange-traded funds and investment trusts focused on liquid digital assets such as Bitcoin and Ethereum. The group intends to manage the entire value chain—from product development through distribution—internally. Rakuten Securities is pursuing a parallel strategy, partnering with Rakuten Investment Management to develop products accessible directly through smartphone applications, a distribution advantage that aligns with the firm's retail-focused positioning. This vertical integration approach allows both firms to control product design, pricing, and customer experience without third-party intermediaries.
The significance of this initiative extends beyond product innovation. Currently, Japanese retail investors accessing cryptocurrency must establish dedicated exchange accounts or cryptocurrency wallets—a friction point limiting participation. Investment trusts eliminate this barrier by allowing crypto exposure through existing securities accounts, substantially lowering the technical and operational hurdles for retail participation. SBI Global Asset Management has reportedly targeted ¥5 trillion in crypto assets under management as part of this expansion strategy.
Beyond first-movers SBI and Rakuten, a broader cohort of major Japanese financial institutions is positioned to enter the market following regulatory formalization. Nomura Securities and Daiwa Securities have both announced plans to develop crypto investment trusts within their respective groups. SMBC Group, including SMBC Nikko Securities, has established a cross-group task force to evaluate strategic options, while Asset Management One, the asset management subsidiary of Mizuho Financial Group, has commenced preliminary exploration. A Nikkei survey of 18 major securities companies indicates that the competitive positioning for this emerging market segment is already underway.
The regulatory foundation for these initiatives hinges on Japan's Financial Services Agency plans to revise the Investment Trust Act implementation ordinance by 2028, formally designating cryptocurrencies as specific eligible asset categories within investment trust frameworks. This timeline establishes 2028 as the anticipated launch window for cryptocurrency ETFs and investment trust products in the Japanese market, providing clear visibility for institutional planning and capital allocation.
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