Cryptocurrencies
First Crypto Fund in Japan Targets Long-Term Retail Investors
- SBI’s Asakura says fund can help diversify a broad portfolio
- Fund includes Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin
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Japanese financial conglomerate SBI Holdings Inc. is aiming to launch the country’s first cryptocurrency fund by the end of November that can give individual investors a way to diversify their broader portfolio.
The fund could grow to several hundred million dollars invested in coins including Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin and possibly others, said Tomoya Asakura, who oversees asset management for Japan’s biggest online brokerage. Investors may need to put in a minimum of roughly 1 million yen ($9,100) to 3 million yen and it will mainly be aimed at people who understand risks associated with cryptocurrencies, such as the big price swings, he said.