SBI and Rakuten Securities Gear Up for Crypto Investment Trust Offerings

TLDR

• SBI Securities and Rakuten Securities plan to offer crypto investment trusts once rules are finalized.
• The products could let investors access crypto through regular brokerage accounts.
• Nomura, Daiwa and Mizuho-linked firms are also studying crypto fund products.
• Japan may classify crypto as financial products under revised market rules.
• Spot crypto ETFs and investment trusts could advance under Japan’s 2027–2028 roadmap.

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Japan’s SBI Securities and Rakuten Securities are preparing to launch crypto investment trusts once the Financial Services Agency finalizes regulations for digital asset fund products, according to a report from Nikkei Asia.

These proposed products would allow clients to gain exposure to cryptocurrencies via their existing brokerage accounts, eliminating the need to open separate accounts on crypto exchanges or manage wallets directly. The approach could integrate Bitcoin and Ethereum holdings within familiar investment trust and exchange-traded fund structures already used by Japanese retail investors.

SBI Securities is the online brokerage division of SBI Group, one of Japan’s largest financial conglomerates. Rakuten Securities is part of Rakuten Group, a major internet and financial services provider. Both companies intend to develop these offerings through their respective affiliated asset management subsidiaries.

SBI and Rakuten Prepare In-House Crypto Funds

SBI Securities plans to introduce products developed by SBI Global Asset Management. These funds are expected to focus on highly liquid digital assets such as Bitcoin and Ethereum, with both investment trusts and ETFs under consideration.

Rakuten Securities is also developing crypto investment trust products in collaboration with Rakuten Investment Management and other group entities. As reported by Nikkei, Rakuten aims to make these accessible through its smartphone apps, aligning with how most retail investors currently manage their securities accounts.

The products will provide indirect access to crypto assets through regulated fund vehicles. This eliminates the need for direct custody, private key handling, or trading on cryptocurrency exchanges.

These initiatives follow growing overseas demand for spot crypto products. U.S. spot Bitcoin ETFs, approved in January 2024, have since accumulated over $100 billion in net assets, as cited in market reports referencing SoSoValue data.

More Japanese Brokerages Study Crypto Products

A Nikkei survey of 18 financial institutions revealed that 11 additional firms are considering crypto fund offerings pending clarification of the regulatory environment. Participants include Nomura Securities, Daiwa Securities, and Mizuho Securities.

SMBC Group—including SMBC Nikko—has established a task force to explore potential crypto fund products. Asset Management One, affiliated with Mizuho Financial Group, has also initiated preliminary research into the area.

This widespread interest reflects how crypto investment trusts are being evaluated across Japan’s traditional finance sector, not just by companies already active in digital assets. Brokerages appear to be positioning themselves ahead of final rulemaking so they can act swiftly once approval is granted.

For individual investors, these products would deliver crypto exposure through the same accounts they use for stocks, bonds, mutual funds, and ETFs. Such integration may appeal to users seeking price exposure without relying on dedicated crypto trading platforms.

Japan Crypto Rules Move Toward 2027 and 2028

Japan’s Financial Services Agency is drafting regulations that could permit investment trusts to hold digital assets. The regulatory process is anticipated to evolve significantly through 2027 and 2028.

In early April, Japan’s government endorsed a draft amendment reclassifying crypto assets as financial instruments under the Financial Instruments and Exchange Act, rather than primarily as payment tools. If enacted by parliament, this change could take effect in fiscal year 2027.

Such a shift would align digital assets more closely with Japan’s securities framework, potentially introducing clearer disclosure obligations, market conduct standards, and insider trading restrictions applicable to crypto-related products.

Japan is also progressing toward a timeline that may enable spot crypto ETFs by 2028. Nomura Holdings and SBI Holdings are expected to lead preparations for crypto-linked ETFs under the new regulatory structure.

SBI has continued expanding its broader digital asset operations. The group has explored exchange-related ventures and launched payment solutions that reward users in Bitcoin, Ethereum, and XRP.

The anticipated rollout of crypto investment trusts in Japan would represent a significant expansion of retail access through traditional brokerages. For now, SBI Securities, Rakuten Securities, and other players await final regulatory guidance before launching officially crypto-linked products.