SBI Securities and Rakuten Securities, Japan's largest online brokerages, are moving to offer Bitcoin and Ethereum exposure directly through their existing platforms by building in-house crypto investment trusts for retail customers. A crypto investment trust works similarly to a mutual fund, holding digital assets on behalf of investors who buy units rather than the coins themselves, removing the need for a separate exchange account or wallet. SBI Securities plans to sell products developed through its group company SBI Global Asset Management, which is targeting approximately 5 trillion yen in assets under management within three years of launch. Rakuten Securities is pursuing a similar model through Rakuten Investment Management, with plans to make these products tradeable directly inside its smartphone apps in the same way retail users already interact with stocks and funds.Both companies already operate licensed crypto exchanges in Japan, meaning the regulatory relationships and infrastructure needed to support these products are largely in place.

The move is significant because it potentially opens crypto investment to the millions of retail investors who already hold SBI or Rakuten brokerage accounts but have never gone through the process of setting up a separate crypto exchange account. For that audience, being able to add Bitcoin or Ethereum exposure through a familiar interface, with the same custody protections and disclosure standards they expect from regulated financial products, removes most of the friction that has historically kept mainstream retail investors on the sidelines of crypto markets.