Overview
- SBI Securities and Rakuten Securities are building in-house trusts that aim to track Bitcoin and Ethereum and sell through their regular brokerage platforms.
- The trusts would let clients buy units in their existing accounts and phone apps, removing the need to open a crypto exchange account or manage a wallet.
- Japan’s Financial Services Agency is preparing changes to the Investment Trust Act by 2028 to allow investment trusts and exchange-traded products to hold crypto assets.
- Nomura, Daiwa, SMBC Group, and Mizuho’s Asset Management One are exploring similar products, and a cited survey found 11 of 18 brokerages may offer them once rules allow it.
- Trust structures add counterparty risk and ongoing fees versus holding coins directly, and key next steps include FSA feedback on filings and clear details on custody and pricing.