TLDR
Six major Japanese asset managers are preparing crypto investment trusts, contingent on rule changes.
- Names: SBI Global Asset Management, Nomura Asset Management, Daiwa Asset Management, Asset Management One, Amova Asset Management, Mitsubishi UFJ Asset Management, per a recent report. details
- SBI plans BTC and ETH ETFs plus diversified trusts, targeting about $32 billion AUM within three years. plan
- Timing depends on regulators allowing crypto in investment trusts, with changes targeted for the 2026 session. context
Deep Dive
1. Who Is Preparing
Multiple large managers have publicly indicated preparations for Japans first crypto-based investment trusts. Reports identify SBI Global Asset Management, Nomura Asset Management, Daiwa Asset Management, Asset Management One, Amova Asset Management, and Mitsubishi UFJ Asset Management as the initial cohort evaluating launches once rules permit. firm list
These are among Japans largest retail and institutional managers, suggesting broad distribution capabilities once products are greenlit. A recent article noted six major firms exploring these products amid shifting policy. regulatory backdrop
If rules change, expect swift product rollouts via mainstream fund platforms rather than niche channels.
2. Product Scope and Scale
SBIs roadmap includes ETFs tied to Bitcoin (BTC) and Ethereum (ETH), alongside diversified crypto trusts. Management has discussed targeting roughly $32 billion of assets within three years of launch. SBI targets and lineup
Other managers have formed internal task forces and systems to enable rapid launches post-approval, positioning for mainstream retail and, over time, institutional adoption. market preparation
Early entrants could set the benchmark for fees, index selection, custody, and liquidity, shaping category standards for years.
3. Why Now and When
Japans Financial Services Agency is weighing reclassifying crypto as a financial product and amending the Investment Trust Act to allow crypto exposure in investment trusts, with changes targeted for the 2026 ordinary parliamentary session. policy path
This sits alongside a broader push to tighten exchange safeguards and clarify custody, signaling a simultaneous focus on investor protection and institutional on-ramps. policy sequencing
The launch window hinges on legal timelines. Watch the 2026 session for final authorizations that unlock product registration and marketing.
Conclusion
SBI Global, Nomura, Daiwa, Asset Management One, Amova, and Mitsubishi UFJ are positioning for crypto trusts, with SBI outlining the most ambitious lineup. The decisive factor is regulation: once Japan permits crypto within investment trusts, these managers could move quickly to bring retail-friendly vehicles to market.
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