Japan's SBI and Rakuten Prepare to Launch Proprietary BTC and ETH Investment Trusts
Japan's two financial giants, SBI and Rakuten, are preparing to issue internal crypto investment trust products, providing investors with direct exposure to Bitcoin (BTC) and Ethereum (ETH).
The products will be distributed through their existing retail and institutional channels, marking a further integration of crypto assets into standardized financial products by mainstream financial institutions in Japan.
Source: Public Information
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SBI has been deepening its crypto layout since the establishment of SBI Crypto Asset Holdings in 2018, while Rakuten has accumulated user and custody experience through Rakuten Wallet. This proprietary trust product continues the trend of Japanese financial institutions transitioning from "exchange business" to "asset management products," with several trust banks having previously been approved for crypto-related businesses.
In terms of capital flow, both companies will direct client funds and trust structures towards holding BTC/ETH spot, shifting resources from traditional bonds and stocks to crypto management fees, custody services, and derivatives. The motivation is to enhance product attractiveness in a low-interest-rate environment while capturing the demand window for crypto allocations from Japanese retail investors and corporate pensions, creating stable capital inflows.
Similar to the large-scale capital inflow by U.S. banks and BlackRock through ETFs in 2024-2025, and the trend of institutional productization in Singapore and Hong Kong, Japan is currently in a mid-stage acceleration of the transition of crypto from "marginal investment" to "mainstream asset management standard."
Essentially, this is about capital concentration: traditional financial institutions are directing dispersed retail and institutional funds into BTC and ETH through proprietary trusts, mechanically shifting pricing power from independent crypto platforms to large banking groups, accelerating the gathering of capital from low-yield traditional assets to digital assets, while reinforcing Japan's position as a crypto-friendly financial center in Asia.
ABAB News · Cognitive Law
When banks sell crypto trusts, crypto is no longer a marginal asset.
Traditional giants entering the market are not chasing trends but harvesting allocation dividends.
Once trust products are launched, funds will shift from observation to allocation.