Japan's SBI, Rakuten Launch In-House Crypto Investment Trusts Targeting 5 Trillion Yen

According to Nikkei Asia, Japan’s two largest online brokerages SBI Securities and Rakuten Securities are developing crypto investment trusts in-house and plan to sell them directly to retail investors. SBI Securities will distribute funds built by group company SBI Global Asset Management, with products spanning ETFs and investment trusts tied to bitcoin and ether. Rakuten is taking a similar approach through Rakuten Investment Management, with products designed to trade via its smartphone app.

SBI Global Asset Management is targeting roughly 5 trillion yen (approximately $32 billion) in assets within three years of product launch. Japan’s Financial Services Agency is moving to revise the Investment Trust Act by 2028, formally adding cryptocurrencies to specified assets that investment trusts can hold. The cabinet approved a bill in April reclassifying crypto under the Financial Instruments and Exchange Act; if passed in the current Diet session, the law could take effect as early as fiscal 2027, bringing crypto under the same securities regime as stocks and bonds.