TLDR
Japans biggest online brokerages are building in-house crypto investment trusts that would let retail investors buy Bitcoin and Ethereum through normal securities accounts once rules are finalized.
- SBI Securities and Rakuten Securities are preparing Bitcoin and Ethereum investment trusts in-house, with Nomura, Daiwa and others studying similar products.
- These trusts would put crypto inside familiar fund wrappers, potentially targeting trillions of yen in assets but offering indirect exposure only.
- Key variables are Japans 2027 to 2028 regulatory changes, tax treatment near 20 percent, product fees and which coins the first trusts will track.
Deep Dive
1. What Japans Brokerages Are Planning
Multiple outlets report that SBI Securities and Rakuten Securities are developing in-house crypto investment trusts that hold Bitcoin and Ethereum, distributed through their existing brokerage platforms and smartphone apps. Reports note that SBI will use group firm SBI Global Asset Management and is targeting around 5 trillion in assets within three years of launch, while Rakuten will route product management through Rakuten Investment Management and its retail app ecosystem. Survey data cited by Nikkei and summarized in coverage from outlets like Bitcoin.com and Crypto.news shows that 11 of 18 major brokers, including Nomura, Daiwa, SMBC Nikko and Mizuho-linked firms, are also evaluating crypto fund offerings once the framework is clear.
These are still preparation-stage plans. No firm has announced final prospectuses, launch dates or confirmed lineups, though most coverage expects a focus on liquid majors such as Bitcoin and Ethereum.
2. How These Trusts Change Access And Risk
A crypto investment trust is a regulated fund that owns the coins and issues units to investors, similar to a gold or equity trust. Coverage from Tokenpost and TradingView explains that Japanese investors would buy these units through normal securities accounts, removing the need for separate exchange onboarding, wallets or self-custody. SBI and Rakuten already run licensed exchanges, so they can plug custody and trading into the trust structure internally.
The trade off is that investors get price exposure only. They do not control the underlying BTC or ETH, cannot use it in DeFi or staking, and pay management fees and face fund and trustee risk.
For most Japanese retail investors, crypto could start to look like just another mutual fund allocation, which may increase adoption even if it does not grow on-chain usage directly.
3. Regulatory And Market Timelines To Watch
Japans Financial Services Agency is working on revisions to the Investment Trust Act that would formally allow investment trusts and, later, ETFs to hold crypto, with several reports pointing to a 2028 target. In parallel, a bill approved by the cabinet would reclassify crypto as a financial instrument under the Financial Instruments and Exchange Act around fiscal 2027 and align taxation at about 20 percent rather than current higher personal tax rates. Analysts cited in Bitcoin.com and Crypto.news estimate that spot crypto funds in Japan could grow into a multibillion dollar market if these changes pass, especially given SBIs ambitious asset target and strong institutional survey interest.
Until those rules are final, all the announced trusts remain contingent, and details such as fee levels, the exact asset mix and whether spot ETFs follow will determine how competitive these products are versus direct exchange trading.
Conclusion
Japans move to let major brokerages offer in-house crypto investment trusts would shift Bitcoin and Ethereum access from niche exchanges into mainstream securities channels, provided regulators complete the new framework. If tax and fund rule changes land as proposed, Japan could become a significant regulated flow center for BTC and ETH, with upside for adoption but with exposure delivered mainly through managed products rather than self-custody.
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