Japanese financial services group SBI Holdings announced on Thursday that it has launched Japan’s first crypto fund. The fund will invest in seven major cryptocurrencies, including Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, amongst others.
Starting December 18, the company will accumulate funds worth 5 million yen ($44,180) from high-net-worth investors. The fund will require an investment period of one year, with aims to manage at least 10 billion yen ($8,83,49,370). An upper limit on investments is not set, and sales commission and management fees are set at 3.3% and 0.66%, respectively.
The fund will allocate 20% of investments in cryptocurrencies over the next three months depending on the market conditions and will redeem them in the remaining three months accordingly.
In September 2021, Bloomberg reported that SBI plans to launch a crypto investment fund for retail investors later this year.
“Once people feel it firsthand … they will understand that we aren’t recommending cryptocurrencies as a tool of speculation,” Asakura told Bloomberg at the time.