SBI Plans Bitcoin, Ethereum ETFs Targeting $31.5B AUM

SBI Group told investors its asset management arm will offer yen‑denominated spot Bitcoin and Ethereum exchange-traded funds and multi-crypto investment trusts in Japan once regulators change rules on crypto funds and tax treatment. The company has set a target of $31.5 billion in assets under management within three years of launch.

SBI has built product architecture through a joint venture with Franklin Templeton and said the ETFs and trusts would plug into its existing distribution network. The firm holds a 51% stake in the Franklin Templeton venture. SBI Global Asset Management Group reported more than $75.5 billion in AUM at the end of March 2026, and the broader securities business manages more than $415 billion.

Key regulatory steps remain before products can list. Japan’s Financial Services Agency has indicated a timeline that could allow crypto ETF trading on the Tokyo Stock Exchange by 2028. Separate tax legislation under discussion could take effect as early as 2027 and would lower the top tax rate on crypto gains from the current 55% ceiling to about 20%, the same top rate applied to stock trading.

Regulators must also set rules for custody, benchmark construction and market‑maker requirements, and decide whether crypto funds can qualify for NISA-style tax‑favored accounts. Those decisions will determine whether the products can be sold through mainstream brokerages and long‑term savings wrappers used by ordinary households.

SBI maps the product rollout to existing retail channels that route millions of Japanese households into equities, bonds and mutual funds. Bank of Japan data show households held about $14.8 trillion in financial assets at the end of 2025, with nearly half in cash and deposits. SBI’s materials calculate that an allocation equal to 0.21% of those household assets would reach the $31.5 billion target.

Domestic crypto participation is already substantial. Industry figures show roughly 14 million crypto accounts in Japan and customer crypto assets exceeding $31.5 billion. On‑chain activity recorded a 120% increase in value received in the 12 months to June 2025, the largest rise among major Asia‑Pacific markets. NISA accounts numbered 28.26 million with $447 billion in purchases by the end of 2025.

SBI laid out alternative uptake scenarios. In a permissive scenario that includes a 20% tax ceiling, ETF and investment‑trust approvals, and NISA access, distribution through mainstream brokerages could drive AUM toward or above $31.5 billion within three years. In a slower scenario where ETF rules slip past 2028 or crypto funds are excluded from tax‑favored accounts and classified as high risk, SBI expects AUM in a range of about $3.1 billion to $12.6 billion, mainly from existing crypto‑native customers moving into regulated wrappers.

Regional context includes the launch of spot Bitcoin and Ethereum ETFs in Hong Kong in April 2024 and U.S. approval of spot Bitcoin ETFs in January 2024. A Tokyo‑listed ETF would create a yen‑denominated, Asia‑hours channel with different custody, market‑maker and brokerage dynamics compared with U.S. products.

SBI says it will leverage its scale and retail distribution to reach investors who currently use brokerage and NISA accounts rather than crypto exchange wallets. Final product timing and reach will depend on regulatory approvals and tax law changes.