SBI Holdings Files for Japan’s First Bitcoin and XRP ETFs, Signaling Shift in Crypto Investment Landscape

SBI Holdings, one of Japan’s leading financial conglomerates, is making a decisive push into digital assets with the filing of two cryptocurrency exchange-traded funds (ETFs) aimed at reshaping the country’s crypto investment landscape. The proposed ETFs—currently under review by Japan’s Financial Services Agency (FSA)—could become the nation's first crypto-backed investment vehicles if approved.

The first proposal, titled theDigital Gold Crypto ETF, aims to combine the stability of gold with the volatility and growth potential of digital assets. Up to 51% of this ETF’s holdings would be allocated to traditional gold ETFs, while the remaining 49% would invest in crypto ETFs. SBI positions this product as a balanced investment option designed for risk-averse investors looking to enter the crypto space without full exposure.

The second, more direct fund, theCrypto-Assets ETF, proposes direct investment in Bitcoin and XRP. SBI Holdings argues that these two cryptocurrencies represent the most promising opportunities in the digital asset sector. Notably, while Bitcoin ETFs have gained traction in various jurisdictions, XRP spot ETFs remain rare—currently only available in Canada.

This dual filing comes amid shifting regulatory dynamics in Japan. In June 2025, the FSA proposed reclassifying crypto assets as financial products, a move that would enable the creation of crypto ETFs and offer tax relief for individual investors. SBI Holdings has been a vocal supporter of these regulatory reforms, viewing them as essential to modernizing Japan’s financial infrastructure.

Beyond ETFs, SBI continues to broaden its crypto footprint. The firm recently invested in Circle, the issuer of USD Coin (USDC), and has expressed interest in launching yen-pegged stablecoins in partnership with Ripple, whose RLUSD stablecoin is gaining traction. These moves underscore SBI’s broader strategy to integrate blockchain technology into mainstream financial services.

If approved, the ETFs could establish Japan as a regional leader in regulated digital asset investment and inspire similar filings across Asia. As the FSA weighs its decision, investors and industry observers are closely watching how Japan balances innovation with investor protection in the rapidly evolving crypto sector.