SBI Holdings Denies Claims of Bitcoin-XRP ETF Filing in Japan
SBI Holdings has denied recent claims that it filed for a Bitcoin-XRP ETF in Japan. On August 7, several media reports stated the company submitted applications for two exchange-traded funds: one combining Bitcoin (BTC) and XRP, and another mixing gold and cryptocurrencies.
The reports cited SBI Holdings’ Q2 earnings presentation. However, the document did not confirm any ETF applications. On August 9, an SBI Holdings representative told Cointelegraph that no official filing had taken place.
“Contrary to some media reports, we have not filed any applications with the authority to form an ETF related to crypto assets,” the spokesperson said.
“It is only at the planning stage.”
SBI Global Asset Management Will File After Regulatory Updates
The ETF plans, according to the company, remain at the internal planning level. The future application will come from SBI Global Asset Management, a subsidiary of SBI Holdings. The parent company has not submitted anything to Japan’s Financial Services Agency (FSA).
The confusion started when media outlets interpreted the company’s earnings document as a filing confirmation. However, the language in the report referred to the firm’s consideration of ETF products—not any actual submission to the FSA.
The SBI spokesperson explained that the process is on hold while Japan reviews its ETF rules. The company plans to act only after the FSA and tax authority finalize the classification of crypto under financial laws.
“In Japan, ETFs that incorporate crypto assets are expected to be approved in a way that aligns with the responses of the financial authorities and tax authorities,” the representative said.
Japan’s FSA Still Finalizing Crypto ETF Guidelines
On June 24, the Financial Services Agency proposed amendments to recognize some digital assets as financial products. These changes would bring them under the Financial Instruments and Exchange Act (FIEA), the law covering securities and traditional ETFs.
Currently, no official rule permits crypto ETF Japan products. The revisions are still under discussion, and no effective date has been announced. SBI Holdings confirmed it will not submit any ETF filings until these changes are complete.
As of now, the company has not shared any further details outside its Q2 earnings presentation. The spokesperson did not provide a timeline for when the Bitcoin ETF Japan or XRP ETF application might be submitted.
Retail Investors Are the Primary Target
Once Japan finalizes the ETF guidelines, SBI Global Asset Management will handle the submission process. The company confirmed that it plans to offer these products to individual investors before institutions.
The spokesperson stated that SBI Holdings aims to broaden access to financial tools, including ETFs that hold crypto. However, the spokesperson did not confirm whether these products will include physical backing or derivative exposure.
The firm said all current information about the Bitcoin-XRP ETF plans is limited to the Q2 2025 earnings material. No additional public statements have been issued by SBI Holdings.