SBI Group is a financial services company based in Tokyo, Japan. The company recently announced that it was going to launch a crypto asset fund. The company, following the announcement, also released a document that gave an explanatory summary of the proposed fund.
The proposed fund consists of seven different digital currencies – BTC, ETH, DOT, LINK, LTC, XRP, and BCH. The fund is being dubbed as the first digital currency fund for general investors. The announcement recommended that investors in Japan should first gain a full understanding of the nature of crypto assets and also the risks associated with crypto assets.
Fund Features
Interested investors will need to invest in the proposed fund in the period between 17 Dec 2021 and 31Jan 2022. SBI Alternative Fund GK is the proposed name under which the fund will be managed. The announcement also highlighted that sometime in the future, once the fund has attained maturity, the fund may be rebalanced. Till that happens, the proportion of each crypto asset in the fund will be less than or equal to 20%.
The SBI Group is an experienced entity in the crypto space. It has a track record of having developed several crypto products. Previously, the company bought out the crypto firm B2c2, which is based in the UK. To provide crypto services in Europe and Asia, it also entered a partnership with Boerse – a firm based in Stuttgart, Germany. SBI’s crypto launch plans have been slowed down because Japan is now strictly regulating the crypto space compared to before.
SBI anticipates that it will take about 3 months of initial buying and selling to attain maturity. The fund’s automatic rebalancing will happen with a periodicity of one month. SBI group has also created a new web portal for the fund. The announcement added that SBI Group will also deal in Bitcoin Futures ETFs and NFTs.
