SBI, Rakuten expand crypto trusts

SBI Securities and Rakuten Securities are preparing cryptocurrency investment trusts in Japan, adding two of the country’s biggest online brokerages to a broader push to package digital-asset exposure in regulated investment products. Nikkei Asia, cited by multiple industry reports on May 17 and May 18, said the two firms are building products that could be sold through ordinary brokerage accounts once Japan finalizes the legal framework. The move would widen access beyond direct crypto trading accounts and place the products inside the country’s mainstream fund-distribution system. The immediate story is not that the trusts have launched. The immediate story is that two large brokers are building them in advance of final rules, and that they are not alone. Nikkei Asia, as summarized in follow-on coverage, said 11 of 18 major Japanese securities firms it surveyed were considering similar products once the framework is in place. That makes this less a one-firm experiment than a queue forming around a pending rule change. ### Why are SBI and Rakuten moving before the rules are final? SBI Securities and Rakuten Securities are developing the products now because Japan is rewriting how crypto-related investment products can be handled by securities firms, according to reports citing Nikkei Asia. CoinDesk reported the firms plan to offer cryptocurrency investment trusts after regulators complete the framework. Rakuten already sells crypto-adjacent funds through its brokerage platform, including equity funds tied to crypto-related businesses rather than direct holdings of tokens. A Rakuten Securities fund page updated May 18 shows an “crypto-related equities fund,” underscoring that the firm already has a retail channel for thematic products even before direct crypto trusts are approved. ### What would a crypto investment trust change for Japanese investors? (coindesk.com) Japan’s proposed structure would let investors buy crypto exposure through standard securities accounts instead of opening separate accounts at crypto exchanges, according to reports summarizing the planned products. Crypto Briefing and FinanceFeeds both described the planned trusts as a route for retail investors to gain Bitcoin and Ethereum exposure through traditional brokerage infrastructure. (rakuten-sec.co.jp) The reported breadth of interest matters here. The Crypto Times, citing Nikkei Asia, said 11 of 18 major Japanese securities firms surveyed were considering crypto investment trusts once the framework is finalized. Named firms in secondary reports included larger brokerages such as Nomura and Daiwa, though the central verified figure is the 11-of-18 survey result. (cryptobriefing.com) ### How does this connect to the U.S. ETF story mentioned in the thread? Goldman Sachs’ latest 13F disclosure fueled a separate U.S. market thread this week. Multiple reports citing the filing said Goldman exited or reduced exposure to XRP- and Solana-linked ETFs during the first quarter of 2026, while maintaining larger Bitcoin exposure. Because the underlying 13F is the source document, the safest verified point is that the filing prompted reports of reduced or eliminated XRP and Solana ETF positions. (cryptotimes.io) VanEck and Grayscale also advanced their proposed BNB exchange-traded funds in the United States on May 15. SEC records show VanEck filed Amendment No. 5 to its S-1 registration statement for the VanEck BNB ETF under file number 333-286959, and Grayscale filed Amendment No. 2 to its S-1 for the Grayscale BNB ETF under file number 333-292896. ### So what is actually verified, and what is still pending? (cryptovalleyjournal.com) May 17 and May 18 reports verify that SBI Securities and Rakuten Securities are preparing crypto investment trusts and that the products depend on final Japanese rules before launch. SEC filings dated May 15 verify that VanEck and Grayscale updated their BNB ETF registration statements in the United States. (sec.gov) The open items are the launch dates, the exact asset mix of any Japanese trusts, and the final list of firms that will proceed beyond “considering” products. Japan’s next milestone is completion of the regulatory framework cited in the reports, while the U.S. next step is continued SEC review of the amended BNB ETF filings from VanEck and Grayscale. (coindesk.com)