SBI, Rakuten Develop Crypto Investment Trusts After Japan Bill
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Fazen Markets Editorial Desk
Collective editorial team · methodology
Fazen Markets Editorial Desk
Collective editorial team · methodology
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Japan’s SBI Holdings and Rakuten Securities are developing cryptocurrency investment trusts for in-house distribution, a strategic move enabled by recent regulatory progress. The initiative follows the Japanese cabinet’s approval of a bill in April 2026 that reclassifies cryptocurrencies under the nation’s Financial Instruments and Exchange Act. This legislative change provides the legal foundation for offering these new financial products to investors.
The push from major Japanese financial institutions marks a significant acceleration in the formal integration of digital assets into mainstream finance. The last comparable shift occurred in 2022, when Japan amended its Payment Services Act to include stablecoin regulations, a move that spurred a 15% increase in crypto trading volume on domestic exchanges. The current macro backdrop features the Bank of Japan maintaining its policy rate at 0.1% while the yen trades near 155 against the U.S. dollar, creating demand for alternative yield-generating assets. The immediate catalyst is the cabinet-approved bill, which passed on 16 April 2026 and is now advancing through the Diet for a final vote expected in Q3 2026. This reclassification removes legal ambiguities, allowing trusted financial giants to structure and market crypto-backed investment vehicles.
SBI Holdings reported a consolidated net profit of 86.7 billion yen ($556 million) for the fiscal year ending March 2026, with its financial services segment contributing over 60% of revenue. Rakuten Securities, a subsidiary of Rakuten Group, operates one of Japan’s largest online brokerages with over 5 million accounts. The combined market capitalization of SBI and Rakuten Group exceeds 3.2 trillion yen ($20.5 billion), underscoring their substantial market influence. The proposed investment trusts would target a management fee structure between 1.5% and 2.5%, competitive with traditional equity fund products. Domestic crypto exchange volumes averaged 320 billion yen ($2.05 billion) monthly in Q1 2026, a 22% increase from the previous quarter, indicating growing retail and institutional interest.
| Metric | Before Bill (Q1 2026 Avg.) | Projected Post-Enactment |
|---|---|---|
| Monthly Crypto Volume | 320B JPY | 450B-500B JPY |
| Trust Management Fee | N/A | 1.5%-2.5% |
This activity compares to the Nikkei 225’s year-to-date performance of +8.5% and the 10-year Japanese Government Bond yield of 0.95%.
The development is net positive for Japan’s financial sector, particularly for firms with existing large retail brokerage networks. SBI Holdings (8473.T) and Rakuten Group (4755.T) stand to gain immediate revenue diversification from new product offerings. Analysts project a potential 3-5% uplift in their respective brokerage revenues within 12 months of product launch. Ancillary beneficiaries include Japanese crypto exchanges like Coincheck, which could see a 20% increase in custody and trading volume from institutional partners. A primary risk is execution; the success of these trusts hinges on smooth integration with existing brokerage platforms and managing the volatility inherent in crypto assets. Capital flow is likely to originate from domestic retail investors seeking yield, shifting a portion of allocations from low-yielding savings products and government bonds into these new, higher-risk trusts.
The next major catalyst is the Diet’s final vote on the crypto reclassification bill, expected by late July or early August 2026. Passage would immediately clear the path for SBI and Rakuten to file for regulatory approval of their specific trust products. Investors should monitor the quarterly earnings releases from SBI Holdings (scheduled 30 July 2026) and Rakuten Group (31 July 2026) for updated guidance on their crypto trust rollout timelines and capital commitments. Key levels to watch include the USD/JPY exchange rate at 160, a break of which could influence domestic investor appetite for non-yen-denominated crypto assets, and Bitcoin’s sustained hold above $80,000, which validates the underlying asset’s stability for product structuring.
Cryptocurrency investment trusts are pooled investment vehicles that hold digital assets like Bitcoin and Ethereum. They allow investors to gain exposure to crypto price movements without directly purchasing, storing, or managing the underlying assets. These trusts function similarly to traditional mutual funds or ETFs but are specifically structured under Japanese trust laws to hold crypto, providing a familiar and regulated wrapper for investor capital.
Japan’s move creates a new, regulated channel for institutional capital allocation into crypto assets. This can increase global liquidity and trading volume, particularly for major cryptocurrencies like Bitcoin that will likely anchor these trusts. It sets a regulatory precedent for other G7 nations considering similar frameworks, potentially leading to a broader legitimization and institutional adoption of digital assets worldwide.
A key difference is the regulatory framework and structure. Japanese investment trusts are structured under the country’s Trust Act and Financial Instruments and Exchange Act, while U.S. Bitcoin ETFs operate under the Investment Company Act of 1940. The trusts may offer exposure to a basket of multiple cryptocurrencies and different redemption mechanisms, whereas U.S. spot ETFs typically hold only Bitcoin and are traded on national securities exchanges.
Major Japanese brokers are launching regulated crypto trusts, accelerating institutional adoption.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.
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