SBI Holdings Plans Japan’s First Bitcoin and XRP ETF Amid Regulatory Reform

Japanese financial powerhouse SBI Holdings has announced plans to launch the country’s first dual-asset cryptocurrency exchange-traded fund (ETF), offering exposure to Bitcoin (BTC) and XRP. This move could mark a major step forward in Japan’s regulated financial markets, pending regulatory approval.

SBI Holdings Plans Dual Crypto ETF Products

In its recent earnings report, SBI outlined two distinct crypto-related ETF initiatives. The first ETF proposal is a hybrid fund combining gold ETFs (51%) and crypto asset ETFs (49%), including Bitcoin ETFs. This investment trust would be publicly offered within Japan’s financial system.

The second ETF product focuses entirely on cryptocurrencies, featuring a 50-50 allocation between Bitcoin and XRP, two of the market’s most prominent digital assets. If approved, this product is slated for listing on the Tokyo Stock Exchange, Japan’s largest securities exchange.

Launch Dependent on Regulatory Green Light

SBI Holdings stated that both ETF products would be launched “upon regulatory approval,” signaling that discussions with Japan’s Financial Services Agency (FSA) are likely ongoing. If authorized, these would be the first publicly offered cryptocurrency ETFs in Japan, a market known for its strict regulatory framework.

Although some media outlets have reported that an XRP-Bitcoin ETF filing has been submitted, it remains uncertain whether the products have officially been proposed to the FSA or are still in the pre-filing phase.

FSA Moves to Reclassify Crypto Assets Under Financial Law

On June 24, Japan’s FSA proposed a critical change to how crypto assets are categorized. The proposal suggests recognizing certain cryptocurrencies as financial products under the Financial Instruments and Exchange Act (FIEA)—the same law governing traditional financial instruments like stocks and bonds.

Currently, crypto assets in Japan are regulated under the Payment Services Act, mainly as a form of payment. If the FSA’s proposal is enacted, specific tokens could be treated as securities, paving the way for crypto ETFs and potentially lower tax obligations for crypto investors.

Conclusion

With these ETF plans, SBI Holdings is positioning itself at the forefront of Japan’s evolving crypto landscape. As regulatory frameworks shift, the approval and launch of crypto ETFs—especially one featuring both Bitcoin and XRP—could significantly reshape institutional and retail access to digital assets in Japan.