Japanese financial services group SBI Holdings intends to launch a cryptocurrency fund before the end of November, according to Bloomberg.
- Bloomberg cited Tomoya Asakura, president of SBI affiliate Morningstar Japan K.K., who said the fund could total several hundred million dollars in bitcoin, ether, XRP, bitcoin cash, litecoin and other cryptocurrencies.
- The fund could require a minimum investment of a minimum of roughly 1 million yen (US$9,100) to 3 million yen ($27,000) and will target investors who understand cryptocurrency’s volatility and other risks.
- “I want people to hold it together with other assets and experience firsthand how useful it can be for diversifying portfolios,” Asakura told Bloomberg, adding that if the fund succeeds the company would “move quickly” to launch a second one.
- SBI needed four years to reach this point, largely because of Japan’s tightening restrictions over cryptocurrency investing.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.