SBI and Rakuten plan crypto trusts

TLDR

Japans SBI Securities and Rakuten Securities plan to start selling in-house crypto investment trusts, signaling a new, more regulated way for Japanese investors to get crypto exposure.

1. SBI and Rakuten will offer pooled crypto products via their securities platforms, with Nomura and others considering similar offerings once rules are clearer.
2. These trusts let investors gain Bitcoin or other crypto exposure through familiar brokerage accounts instead of managing wallets and exchanges directly.
3. Key variables to watch are which coins are included, how Japans regulators finalize the framework, and how much demand these trusts actually attract.

Deep Dive

1. What SBI And Rakuten Are Doing

According to a report from Nikkei Asia, SBI Securities and Rakuten Securities plan to sell cryptocurrency investment trusts that they develop in-house, offered through their existing securities platforms for Japanese clients. This moves two of Japans largest online brokers directly into distributing crypto-based products, while Nomura Securities and other major firms are described as "considering" similar products once the regulatory framework settles. The article frames this as Japan catching up with markets like the United States, where crypto-linked funds are already common in brokerage channels.

2. Why Crypto Trusts Matter For Investors

A crypto investment trust is a pooled fund that holds crypto assets and issues units or shares, so investors get price exposure without running their own wallets or dealing with private keys. For many Japanese investors, buying a trust through SBI or Rakuten is a familiar process, similar to buying a stock or mutual fund, which can materially lower the barrier to adding Bitcoin or other coins to a portfolio. It also keeps exposure inside a heavily regulated environment, with professional custody and disclosure obligations, which is attractive for compliance-focused investors and wealth managers.

3. What To Watch Next

Several open questions will determine how impactful this move is:

1. Underlying assets: It is not yet public which coins these trusts will track, but globally such products usually start with Bitcoin and sometimes Ethereum.
2. Regulatory details: Japanese authorities are still refining rules for crypto funds and custody, and final guidance will influence leverage limits, eligible assets, and marketing.
3. Flows and competition: If SBI and Rakuten see strong inflows, other brokers like Nomura are more likely to follow, and more specialized products (sector baskets, yield-oriented structures) could appear.

Conclusion

SBI and Rakuten planning in-house crypto investment trusts shows that Japans large retail brokerage firms are moving from watching crypto to actively productizing it. The eventual impact on prices will depend on product design and investor demand, but for crypto users this is another clear sign that traditional, regulated channels are integrating digital assets into standard investment menus.