Japan Pension Fund Serving 1,200 Companies Plans 1% Crypto Allocation in FY2026

Jun 21, 2026

A Japanese pension fund serving 1,200 companies, the National Business Enterprise Pension Fund, plans to allocate 1% of its 21.3 billion yen in assets to crypto in FY2026. The move is a currency diversification strategy to hedge against a weakening U.S. dollar. This comes as Japan moves to integrate digital assets, with plans for Bitcoin futures in 2028 and legislation to lower crypto taxes from a maximum of 55% to a flat 20%.

Pension fund crypto allocation

▪The National Business Enterprise Pension Fund manages about 21.3 billion yen (approximately $130 million) in assets.
▪The fund's CIO, Kiguchi Aitomo, stated the fund studied Bitcoin for over six years before deciding to make the allocation.
▪The fund serves approximately 1,200 small and medium-sized businesses and has over 20,000 participants.
▪The National Business Enterprise Pension Fund in Japan plans to allocate about 1% of its assets to cryptocurrency starting in fiscal year 2026.
▪The crypto allocation will be managed by a large hedge fund through a passive fund that tracks a basket of cryptocurrencies.

Currency diversification strategy

▪For FY2026, the fund plans to reduce its yen allocation from 80% to 70%, reallocating the difference to other assets including crypto.
▪The allocation is part of a currency diversification strategy, with the fund treating Bitcoin as a hedging tool.
▪CIO Kiguchi Aitomo cited the weakening of the U.S. dollar and Bitcoin's near-zero correlation with it as reasons for the move.

Bitcoin futures trading

▪The launch of Bitcoin futures is timed to coincide with the expected domestic approval of spot Bitcoin ETFs.
▪The Osaka Exchange, a subsidiary of Japan Exchange Group, plans to launch Bitcoin futures in 2028.

Spot Bitcoin ETF approval

▪The approval of spot Bitcoin ETFs in Japan is dependent on the Financial Services Agency revising its investment trust rules.
▪Japan's Financial Services Agency is targeting 2028 to formally classify crypto as a "specified asset" that funds are permitted to hold.

Crypto tax reform legislation

▪If the bill passes the upper house, it would change the tax on crypto gains from a maximum of 55% to a flat 20% self-assessment rate.
▪On June 11, Japan's House of Representatives passed a bill to reclassify crypto under the Financial Instruments and Exchange Act.