Japan’s SBI and Rakuten Securities Prepare Crypto Investment Trusts

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.

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

The planned products would allow customers to gain crypto exposure through regular brokerage accounts instead of opening accounts on crypto exchanges or managing wallets directly. The approach could place Bitcoin and Ethereum exposure inside investment trust and exchange-traded fund structures already familiar to Japanese retail investors.

SBI Securities is the online brokerage arm of SBI Group, one of Japan’s largest financial groups. Rakuten Securities is part of Rakuten Group, a major internet and financial services company. Both firms are expected to develop products through affiliated asset management units.

SBI and Rakuten Prepare In-House Crypto Funds

SBI Securities plans to offer products developed by SBI Global Asset Management. The funds are expected to focus on highly liquid crypto assets such as Bitcoin and Ethereum, while both investment trusts and ETFs are being reviewed.

Rakuten Securities is also preparing crypto investment trust products through Rakuten Investment Management and other group companies. Nikkei reported that Rakuten wants customers to access the products through smartphone apps, matching how many retail investors already manage securities accounts.

The products would give investors indirect exposure to crypto assets through regulated fund structures. This would reduce the need for direct custody, private key management or direct exchange trading.

The plans come as Japanese financial firms watch demand for spot crypto products overseas. U.S. spot Bitcoin ETFs were approved in January 2024 and later grew to more than $100 billion in net assets, according to SoSoValue data cited in market reports.

More Japanese Brokerages Study Crypto Products

A Nikkei survey of 18 companies found that 11 additional firms may consider offering crypto funds once the regulatory framework becomes clear. The group includes Nomura Securities, Daiwa Securities and Mizuho Securities.

SMBC Group, including SMBC Nikko, has reportedly formed a task force to study possible crypto fund products. Asset Management One, linked to Mizuho Financial Group, has also started early research.

The interest shows that crypto investment trusts are being reviewed across Japan’s traditional finance sector, not only by firms already active in digital assets. Brokerages appear to be preparing before final rules are complete so they can move quickly when approval becomes possible.

For retail investors, the products could offer crypto exposure through the same accounts used for stocks, bonds, mutual funds and ETFs. That structure may suit users who want price exposure without using standalone crypto trading platforms.

Japan Crypto Rules Move Toward 2027 and 2028

Japan’s Financial Services Agency is working on rules that could allow investment trusts to hold digital assets. The regulatory process is expected to develop further through 2027 and 2028.

In early April, Japan’s government approved a draft amendment that would classify crypto assets as financial products under the Financial Instruments and Exchange Act rather than treating them mainly as payment tools. If passed by parliament, the law could take effect in fiscal 2027.

The change would bring digital assets closer to Japan’s securities framework. It could add clearer disclosure duties, market conduct rules and insider trading restrictions for crypto-related products.

Japan is also moving toward a roadmap that may allow spot crypto ETFs by 2028. Nomura Holdings and SBI Holdings are expected to be among the firms preparing crypto-linked ETF products under the new framework.

SBI has continued building its wider digital asset business. The group has explored exchange-related activity and has also launched payment products offering rewards in Bitcoin, Ethereum and XRP.

The expected arrival of Japan crypto investment trusts would mark a new phase for retail access through traditional brokerages. For now, SBI Securities, Rakuten Securities and other firms are waiting for final regulatory direction before launching products tied directly to digital assets.