SBI, Rakuten to Sell Bitcoin and Ether Trusts to Retail Brokers

SBI Securities and Rakuten Securities plan to distribute cryptocurrency investment trusts to retail customers, allowing brokerage clients to gain exposure to bitcoin and ethereum without opening exchange accounts or managing digital wallets. A survey of 18 major Japanese securities firms found 11 others would consider offering similar products once regulators finalize rules.

SBI Securities intends to sell funds developed by its group company, SBI Global Asset Management, handling product development, structuring and distribution inside the group. Rakuten Securities is working with Rakuten Investment Management to make crypto trusts available through its smartphone app.

Several large securities firms, including Nomura, Daiwa, SMBC Nikko, Mizuho and Mitsubishi UFJ Morgan Stanley, have indicated they will evaluate crypto investment funds after Japan completes its regulatory changes. Some groups have already set up internal teams or begun internal discussions on product development and custody arrangements.

Regulators are shifting how cryptocurrencies are classified. In April 2026 the government approved a bill to reclassify cryptocurrencies as financial products under the Financial Instruments and Exchange Act, moving them out of the payments category. If parliament approves the bill in the current session, the new classification is expected to take effect in fiscal 2027.

The Financial Services Agency has targeted 2028 to amend the Investment Trust Act so that cryptocurrencies can be held as specified assets in investment funds. The planned revision would permit brokerages and asset managers to hold crypto within trust and fund structures, and impose stricter custody, security and auditing requirements on trust banks and custodians. The draft rules would also add explicit prohibitions on insider trading involving crypto assets.

The draft tax framework would reduce the tax rate on cryptocurrency gains to 20%, aligning it with taxes on stocks and bonds. Under current rules, crypto gains can face tax rates as high as 55%.

Market developments abroad and at home form part of the context. Bitcoin exchange-traded funds began trading in the United States in 2024, and similar spot crypto ETFs are now available in Canada, Hong Kong and Australia. Japan operates a regulated domestic crypto exchange sector with licensed platforms such as Bitflyer, Coincheck and SBI VC Trade.

Surveys of institutional investors show growing allocation plans: nearly 80% of Japanese institutions expect to allocate between 2% and 5% of their portfolios to crypto assets by 2029. Firms developing retail trusts are designing products to integrate with existing brokerage account infrastructure, subject to approval processes and operational readiness by asset managers and custodians. If lawmakers and the Financial Services Agency complete the planned changes on schedule, fund structures and retail distribution could begin to appear in the Japanese market in the coming years.