Japan’s largest online brokerages, SBI Securities and Rakuten Securities, are building proprietary Bitcoin and Ethereum investment trusts. The move represents a significant shift in how retail investors in the country can access digital assets, moving beyond direct exchange purchases into regulated trust structures.
Both firms are developing these in-house trusts, according to a report from BeInCrypto. The exact size of the trusts, launch dates, and fee structures were not disclosed. The initiative signals a deepening embrace of crypto by traditional financial gatekeepers in one of Asia’s most regulated markets.
Japan has long been a cautious but pioneering market for crypto regulation. The entry of SBI and Rakuten — which command millions of brokerage accounts — could funnel substantial retail capital into Bitcoin and Ethereum. Rakuten operates Rakuten Wallet, a crypto exchange, while SBI has invested in SBI VC Trade. The trusts may offer a simpler, tax-efficient on-ramp compared to direct exchange trading.
If successful, the trusts could pressure other Japanese brokerages like Nomura and Mitsubishi UFJ to offer similar products. It may also spur regulators to refine rules around crypto trusts and custody. The trend aligns with the broader institutionalization of digital assets, though retail-focused products carry distinct risks around volatility and disclosure.
Both firms have deep experience in securities and crypto services, lending credibility to the initiative. However, neither brokerage has commented publicly on the timeline or target returns for the new trusts.