The Tokyo 2020 organising committee is expected to reach its target of unwanted electronics to extract metals to manufacture the Olympic winners' medals.
The decision to launch the new fund is widely seen as a softening of the elite sport body's "no compromise" approach, under which only sports with an expectation of winning a medal at Olympic or Paralympic Games receive support.
Collection of the metals from discarded small devices began in April 2017.
By November a year ago, 47,488 tonnes of discarded devices had been collected, with the public handing in another five million used phones to a local network provider.
Tokyo 2020 claimed this is "thanks to the huge levels of support from the public and companies across Japan and from national and global athletes". As of the end of October, the project had collected 93.7 percent of the gold and 85.4 percent of the silver required.
Targeted amounts of bronze, gold, and silver were also successful from the nationwide collection: By June 2018, the targeted amount of bronze (roughly 2,700 kilograms) was already extracted from old devices. Later this year the committee will reveal designs of the medals for both the Olympic and Paralympic Games to held in Tokyo next year.
The Tokyo Olympics summer games will take place in July and August 2020.
Just 30% of gold and silver medals were made out of recycled material at the 2016 Olympics in Rio, according to BBC. "The elite athletes are being looked after by a different set of professional people so that there is no bureaucracy", Rathore, an olympic silver-medallist in double-trap shooting, said.