Covering 1,200 small and medium-sized enterprises, managing over 21.3 billion yen in corporate funds, announced: this year they will begin allocating cryptocurrencies such as Bitcoin.

A corporate pension fund in Japan covering approximately 1,200 small and medium-sized enterprises and managing over 21.3 billion yen in assets has announced that it will make its first investment in cryptocurrencies during the 2026 fiscal year, with an allocation ratio of about 1%. The move is driven by concerns about the U.S. dollar losing its status as a reserve currency and the need for currency diversification.
(Background: Japan is planning to amend laws to classify cryptocurrencies as “quasi-securities financial products,” which would lower income tax and could pave the way for approval of Bitcoin spot ETFs)
(Additional background: Japan’s largest Nomura Securities—what is the biggest obstacle to the fact that more than half of institutions will invest in cryptocurrencies in the next three years?)

A corporate pension fund in Japan is set to become one of the first Japanese retirement institutions to officially establish a plan for cryptocurrencies. According to a report from Nikkei Japan this week, the National Business Enterprise Pension Fund, headquartered in Okayama City, plans to launch cryptocurrency investments in the 2026 fiscal year, allocating about 1% of its assets to multi-currency passive funds managed by a large hedging fund.

Founded in 1971, the fund currently covers about 1,200 small and medium-sized enterprises and more than 20,000 participants, managing assets totaling approximately 21.3 billion yen. It operates under a defined-benefit framework, guaranteeing an annual interest rate of 1.2% or higher, with a funding ratio of over 140%, and is financially healthy.

De-dollarization: Bitcoin’s correlation with the U.S. dollar is close to zero

In remarks to an interview, Managing Executive Director Ai Yuho Kuki said bluntly that the U.S. dollar “may lose its status as a reserve currency,” and pointed out that the correlation between Bitcoin and the U.S. Dollar Index is extremely low—meaning Bitcoin has independent value for currency diversification. She said she has been studying the cryptocurrency market for about 6 years and believes that “the market has matured,” and that in the future she does not rule out expanding allocations further, including arbitrage-trading type funds.

From the change in asset allocation, it is clear that the fund is shifting strategy: for the 2025 fiscal year, yen accounts for 80%, the U.S. dollar 15%, and other assets 5%; for the 2026 fiscal year, it plans to reduce yen to 70% and introduce a new currency from advanced countries at 10%, with the remaining 5% diversified across emerging-market currencies, gold, and cryptocurrencies, giving each of the three asset categories a share within that remaining 5%.

Institutional framework preparations are being advanced in parallel, with major brokerages ready to follow

This initiative is not an isolated case—Japan’s regulatory and market infrastructure is also being put in place at the same time. An amendment to Japan’s Financial Instruments and Exchange Act was passed in the House of Representatives on June 11, moving cryptocurrencies from the Fund Settlement Act into the framework of the Financial Instruments and Exchange Act, providing a more complete foundation for investment oversight.

At the same time, the Financial Services Agency also plans that by 2028, cryptocurrencies will be included in the “Specified Assets” category, allowing investment trusts to be formally included in portfolio allocations. On June 11, Osaka Exchange (OSE) President Shoji Taga also told Nikkei Japan that it plans to launch Bitcoin futures contracts in 2028.

On the retail side, SBI Securities and Rakuten Securities have publicly stated that they plan to sell investment trusts that include cryptocurrencies. Major face-to-face brokerages such as Nomura, Daiwa, and SMBC Nikko have also said they will assess whether to move forward after the system is finalized.

With this signal of institutional participation—combined with legislation, the derivatives market, and distribution channels all coming together—it marks Japan’s cryptocurrency market officially shifting from being driven by retail participation toward institutionalization.