Japan's SBI Securities and Rakuten Securities to Launch Crypto Investment Trusts — In-House Bitcoin and Ethereum Products for Retail

Two of Japan's Biggest Online Brokerages Just Signaled the Next Wave of Retail Crypto Access

CoinDesk reported on May 17, 2026 that SBI Securities and Rakuten Securities — two of Japan's largest online retail brokerages — plan to offer cryptocurrency investment trusts to their retail customer bases once the country's regulators finalize the rules. Both firms are developing their products in-house, controlling the full chain from product development through distribution. Nomura, Japan's largest investment bank, is reportedly lining up similar offerings as well. Eleven additional Japanese financial firms told regulators in a separate survey that they would consider offering crypto funds once the regulatory environment becomes clear. The combination of those signals points to one of the most substantive expansions of retail crypto access in the Japanese market since spot crypto trading was first legalized.

For retail investors in Japan who have wanted regulated crypto exposure inside their existing brokerage accounts, the upcoming SBI and Rakuten investment trusts are the kind of structural development that converts crypto access from a separate platform decision into a standard menu item alongside stocks and ETFs. The in-house development approach gives both firms control over fees, asset selection, and customer experience — and signals their long-term commitment to crypto as a core retail product line rather than a temporary experiment.

What Japanese Investment Trusts Bring to Retail Crypto

A Japanese investment trust is the local equivalent of a US mutual fund — a regulated pooled investment vehicle that retail investors can buy through their standard brokerage accounts. Bringing crypto inside the investment trust wrapper means Japanese retail investors will get exposure to Bitcoin, Ethereum, and other liquid crypto assets without having to open a separate exchange account, manage their own wallets, or handle on-chain custody themselves. The brokerage handles the underlying crypto holdings; the investor holds the trust units in the same account where they already hold their stocks, ETFs, and bond funds.

Why the Trust Wrapper Is the Right Product for the Japanese Retail Audience

The Japanese retail investor base has a long-standing preference for regulated, brokerage-distributed investment products over direct asset ownership. The investment trust structure aligns crypto exposure with that operating preference — it converts crypto from a separate account at a crypto-focused platform into a familiar product distributed through familiar channels. For investors who have been on the sidelines because they were not comfortable managing crypto exposure directly, the trust wrapper is the structural change that brings them into the market.

SBI Securities and Rakuten Securities Are Building In-House

The detail that distinguishes the SBI and Rakuten approach from what other markets have seen is that both firms are developing their crypto investment trust products entirely in-house rather than partnering with an external asset manager. SBI intends to manage the full chain internally, from product development to distribution, which gives the firm control over fees, asset selection, customer access, and compliance procedures. Rakuten Securities is working with Rakuten Investment Management on products that can be traded directly through smartphone apps.

Why In-House Is the Strategic Bet

The in-house build is the strategic choice that signals both firms see crypto as a long-term retail product line worth building dedicated capabilities for, not a short-term experiment that can be outsourced. Controlling the product end-to-end lets each firm price competitively, choose the asset basket that fits their customer profile, and integrate the trust deeply with the rest of their brokerage offering. Over the medium term, the in-house approach also positions both firms to expand into more complex crypto products as customer demand and regulatory clarity grow.

The Nomura and Broader Industry Lineup

Nomura, Japan's largest investment bank, is reportedly lining up its own crypto investment trust products alongside SBI and Rakuten. An additional 11 Japanese financial firms told regulators in a recent survey that they would consider offering crypto funds once the regulatory framework is clarified. That lineup signals that the SBI and Rakuten announcements are the leading edge of a broader industry move, not a one-off experiment by two specific firms. The Japanese retail crypto market is on track for one of its most substantive expansions of access since the initial spot crypto trading authorizations years ago.

The Regulatory Path Through the Investment Trust Act

The structural enabler for the entire wave of upcoming product launches is the Japanese Financial Services Agency's planned revision of the Investment Trust Act enforcement order to formally add cryptocurrencies to the list of specified assets that investment trusts can hold. That revision is expected by 2028. Once it lands, Japanese brokerages will have a clear regulatory framework for offering crypto-holding investment trusts to retail investors. SBI, Rakuten, and Nomura are positioning their products now so they can launch as soon as the regulatory framework is in place.

How This Lands Against the Global Retail Crypto Access Trend

The Japanese moves are part of a broader 2026 pattern where major traditional brokerages around the world are extending their product menus into crypto. Charles Schwab launched spot Bitcoin and Ethereum trading for US retail clients earlier this month. Coinbase added conventional stock and ETF trading to its app. Robinhood expanded its crypto and tokenized stock offerings. Each of these moves compresses the operational distance between traditional brokerage access and crypto access — and the Japanese investment trust wave extends that trend into one of the largest retail brokerage markets in Asia.

The Comparative Approach Across Markets

The interesting structural detail is how different markets are converging on similar outcomes through different product wrappers. The US is leading with spot crypto trading inside traditional brokerage apps. Europe is leading with tokenized regulated funds. Japan is leading with investment trust structures inside the existing brokerage distribution channel. Each model fits the regulatory and retail-investor preferences of its home market. The shared underlying trend is that regulated crypto exposure is becoming a standard menu item across major retail brokerage markets globally.

The Setup Going Forward

For Japanese retail investors, the broader regulated retail crypto market, and the global trend of crypto access converging into traditional brokerage channels, the SBI and Rakuten investment trust plans are one of the most consequential market structure developments of the spring. The in-house build approach signals long-term commitment. The Nomura lineup signals broader industry follow-through. The 11 additional firms considering products signal that the wave is going to be broader than the three named leaders. The Investment Trust Act revision provides the regulatory anchor. The next watch items are the regulatory finalization timeline, the specific fee structures and asset baskets the leading firms choose, the pace of Japanese retail adoption once products launch, and the broader competitive impact on direct-to-consumer crypto platforms in Japan. For investors tracking how retail crypto access is evolving across the major global markets, the Japanese investment trust wave is one of the cleanest signals to track.

Sources: CoinDesk, "Japan's SBI Securities, Rakuten Securities to offer crypto investment trusts, ETFs," May 17, 2026; Nikkei Asia SBI Rakuten coverage, May 2026; Cryptobriefing SBI Rakuten coverage, May 2026; FinanceFeeds Japan retail crypto access, May 2026; Crypto.news SBI Rakuten Nomura coverage, May 2026.