Japan Brokerages Prep Crypto Trusts as Intesa Doubles Holdings to $235M

Crypto News

Japan's biggest online brokerages are preparing to bring crypto investment trusts to retail investors, with SBI Securities and Rakuten Securities each developing products in-house. SBI plans to distribute funds built by group company SBI Global Asset Management, covering both ETFs and investment trusts pegged to liquid assets such as Bitcoin and Ethereum. Rakuten Securities is taking a similar route through Rakuten Investment Management, designing products that retail clients can trade directly via smartphone apps. The push would let ordinary Japanese investors gain crypto exposure through existing securities accounts, removing the friction of opening dedicated exchange accounts or self-custodied cold wallets.

Italy's largest bank, Intesa Sanpaolo, more than doubled its crypto exposure during the first quarter of 2026, lifting holdings from roughly $100 million at the end of 2025 to about $235 million by March 31. The lender expanded positions in the ARK 21Shares Bitcoin ETF and BlackRock's iShares Bitcoin Trust, and opened a maiden Ethereum stake via BlackRock's iShares Staked Ethereum Trust. Intesa also entered XRP through the Grayscale XRP Trust ETF, picking up roughly $26 million in exposure. A new position in iShares Bitcoin Trust call options marked the bank's first derivatives play in digital assets, signaling a more aggressive proprietary trading posture.

Beyond the two online giants, Japan's traditional banking heavyweights are queuing up close behind. Nomura Securities and Daiwa Securities have already disclosed plans to build crypto investment trusts inside their respective groups, while SMBC Group, including SMBC Nikko, has stood up a cross-group task force to evaluate its strategy. Asset Management One, the asset arm of Mizuho Financial Group, has launched preliminary research into the segment. Of 18 major Japanese brokerages surveyed, another 11 said they would offer crypto trust products once the regulatory framework is finalized. The race underscores how Japan's wealth managers see altcoin and Bitcoin products as a competitive front rather than a niche.

Intesa's first-quarter shifts also showed conviction reshuffling rather than blanket accumulation. The bank slashed its Solana exposure through the Bitwise Solana Staking ETF from 266,320 shares to just 2,817, a near-complete exit from a position that had featured prominently a quarter earlier. On the equities side, Intesa added 165,600 BitGo shares for the first time and closed its Bitmine stake entirely. Coinbase holdings rose from 1,500 shares to 10,357, while put options on Strategy were unwound. The bank also trimmed its stake in Cantor Equity Partners II, the SPAC through which tokenization firm Securitize is set to list.

Tokyo's regulatory pivot underpins the brokerage push. Japan's Financial Services Agency is moving to revise the enforcement order of the Investment Trust Act by 2028, a change that would formally add cryptocurrencies to the list of specified assets such vehicles can hold. Separately, the cabinet approved a bill last month reclassifying crypto under the Financial Instruments and Exchange Act. If passed in the current Diet session, the law would take effect as early as fiscal 2027, bringing blockchain tokens under the same securities regime as stocks and bonds.

The ETF timeline is tightening in parallel. The Tokyo Stock Exchange could list spot crypto ETFs as early as 2027 if legal groundwork is completed in time, with major financial groups including Nomura Holdings and SBI Holdings among the first expected to file products. SBI Global Asset Management has publicly targeted roughly 5 trillion yen, around $32 billion, in assets within three years of launch — the most aggressive ambition disclosed by any Japanese wealth manager. SBI has also outlined plans for a dual Bitcoin and XRP ETF, alongside a gold-crypto hybrid product, both pending regulatory clearance from local supervisors.

The common thread across these announcements is institutional rotation: regulated balance sheets in Japan and Europe are converting from cautious observers into structural buyers of crypto exposure, a backdrop more aligned with a maturing bull market than speculative froth. Tokyo's regulatory roadmap is unlocking retail distribution channels through the country's largest brokerages, while Italy's biggest bank is using proprietary capital to take direct positions through US-listed trust vehicles. Together, the moves illustrate how listed funds, custody partnerships, and securities-law reclassification are reshaping how the next wave of capital reaches digital assets — through the same accounts already holding traditional equities and bonds.