SBI Global Asset Management (SBI GAM) and Singapore-based DigiFT announced on March 15 the launch of the "SBI Japan High Dividend Equity Strategy Token" (JX Token), a tokenized product that gives qualified and institutional investors on-chain access to a Japanese equity high-dividend strategy managed by SBI Asset Management. It is the first tokenization of a listed equity strategy by a Japanese asset manager.
The JX Token is designed as an issuer-linked token that directly tracks the strategy managed by SBI AM, distinguishing it from third-party products that offer only indirect economic exposure. This design aligns with guidance issued by U.S. SEC staff on January 28, which distinguishes between tokenized securities tied to an issuer with substantive ownership rights and those offering only indirect exposure. The SEC has signaled a preference for the former, and JX fits within that regulatory framework.
The launch comes amid rising investor interest in Japanese equities, fueled by the Tokyo Stock Exchange's push for listed companies to improve capital efficiency and stock price performance. Globally, the market for tokenized real-world assets (RWA) on public blockchains has grown from $5.9 billion to $21.9 billion year-over-year in 2025, expanding from cash equivalents into actively managed equity strategies.
DigiFT holds a Capital Markets Services (CMS) license and Recognised Market Operator (RMO) license from the Monetary Authority of Singapore, as well as Type 1 and Type 4 licenses from the Hong Kong Securities and Futures Commission. The firm has previously worked with major asset managers including UBS Asset Management, Invesco, BNY, and Franklin Templeton on tokenization and distribution. The JX Token is issued on Solana, with Solana Company, Huma Finance, and Plume participating as ecosystem partners.
SBI Holdings reported consolidated revenue of ¥1.9 trillion for fiscal 2025, with its crypto business segment contributing ¥89.6 billion. The company has invested $50 million in Startale Group, a blockchain infrastructure developer, and holds a majority stake in Osaka Digital Exchange, which operates a secondary market for security tokens. Earlier, SBI GAM, DigiFT, and Startale conducted a proof-of-concept testnet for a tokenized Japan equity fund using the JPYSC yen-pegged stablecoin, exploring faster settlement and instant dividend payments.