- SBI Holdings files to launch Japan’s first ETFs for Bitcoin, XRP, and “gold-crypto” mix.
- Crypto ETFs face pending approval; XRP spot ETFs currently trade only in Canada.
- Japan’s new rules may ease crypto ETF launches, lower investor tax burdens.
Japanese financial group SBI Holdings has filed applications to launch two cryptocurrency ETFs, according to the company’s Q2 2025 earnings report.
It involves two trusts, namely:
- The Digital Gold Crypto ETF: This ETF will allocate up to 51% of its assets to gold ETF shares and the remaining 49% to crypto ETFs. The company believes this approach provides investors with a balanced investment product.
- The Crypto-Assets ETF: This fund will invest directly in Bitcoin and XRP, providing a single entry point to what SBI Holdings considers the two most promising cryptocurrency sectors.
Both ETF applications have been submitted to Japan’s Financial Services Agency (FSA) and are awaiting a response. Among major global markets, an XRP spot ETF is currently only available in Canada. Experts believe that similar exchange-traded funds in the United States could be approved as early as Q4 2025, according to Bloomberg Intelligence analyst James Seyffart.
In June 2025, the FSA proposed classifying crypto assets as financial products—a move that, if adopted, would allow providers to launch crypto ETFs and reduce the tax burden for individual investors. SBI Holdings is an active proponent of this sector. The company recently partnered with Circle, issuer of USD Coin (USDC), and invested in the firm during its IPO.
The report also notes SBI Holdings’ interest in stablecoins, specifically USDC and Ripple’s RLUSD, as well as plans to issue stablecoins pegged to the yen. The company is optimistic about positive regulatory developments and is open to working with authorities to further expand its financial service offerings in digital assets.
