SBI Holdings has filed for a dual-asset ‘Crypto-Assets ETF’ in Japan that would track the performance of both bitcoin and XRP within a single institutional-grade product. The filing, disclosed in the company’s Q2 2025 earnings report, marks one of the first instances of XRP being formally bundled with bitcoin in an ETF structure.
The proposed ETF aims to offer investors a single-entry point to gain exposure to two of the top crypto assets by market capitalization. SBI also proposed a separate ‘Digital Gold Crypto ETF’ that would allocate over 50% of its capital to traditional gold ETFs while investing the remainder across gold-backed cryptocurrencies.
No regulatory approval has been granted yet, but if cleared, these products would become the first crypto ETFs in Japan to include XRP. The dual-asset structure may appeal to investors seeking diversified exposure without managing multiple ETF positions.
The filing follows increased institutional interest in Japanese markets after local regulators warmed to digital asset innovation. SBI’s move underscores growing demand for regulated crypto investment vehicles in Asia’s second-largest economy.
Market analysts will monitor the Financial Services Agency’s review process, as approval could set a precedent for future multi-asset crypto ETFs in Japan and beyond. Potential inflows into the new products will provide insight into institutional appetite for XRP relative to bitcoin.
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