SBI Holdings has submitted a filing with Japanese regulators to launch a ‘Crypto-Assets ETF’ that would track the performance of both bitcoin and XRP, representing a novel dual-asset product in the country’s financial markets.
The proposal, detailed in SBI’s Q2 2025 earnings report, outlines a single-entry investment vehicle designed to provide exposure to two leading crypto tokens within a regulated framework.
This initiative marks a potential industry first for Japan, where institutional-grade products including XRP have been absent due to regulatory uncertainties surrounding token classification.
In addition to the dual-crypto ETF, SBI proposed a ‘Digital Gold Crypto ETF’ that would allocate over 50% of its portfolio to gold exchange-traded funds, with the balance invested in gold-backed cryptocurrencies.
The hybrid fund aims to appeal to risk-sensitive investors seeking a blend of commodity stability and digital asset growth potential.
No formal approvals have been granted yet, but if cleared, these products would expand Japan’s regulated crypto offerings beyond traditional single-asset funds.
Market analysts view SBI’s filings as a strategic move to capture growing institutional demand for diversified crypto exposure under a regulated umbrella.
By combining BTC and XRP in one vehicle, SBI seeks to streamline investor access and simplify portfolio construction for investors bullish on both tokens.
The filings underscore a maturing regulatory environment in Japan, where financial authorities have signaled openness to crypto innovation while maintaining oversight on product structures.
Upon approval, the ETFs would be listed on the Tokyo Stock Exchange, subject to standard disclosure, liquidity, and custody requirements.
Industry stakeholders anticipate further applications for multi-asset and thematic crypto funds as regulatory frameworks evolve to accommodate digital assets.
SBI’s proposal could also prompt competitors to explore similar offerings, potentially leading to a new wave of structured crypto products in Asia’s second-largest economy.
Investors will await regulatory feedback and prospectus details, including fee structures, eligibility criteria, and underlying asset custody mechanisms.
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