SBI Applies to Launch Bitcoin and XRP ETFs in Japan

A major Japanese financial group is preparing to launch the country's first exchange-traded funds for Bitcoin and XRP, a move that could open one of the world's largest pools of household savings to regulated cryptocurrency investment. SBI Holdings has filed applications with Japan's Financial Services Agency for two products: a spot ETF holding Bitcoin and XRP directly, and a hybrid "Digital Gold Crypto ETF" allocating a majority to gold with additional crypto exposure.

The proposals target approximately 32 billion yen in assets under management within three years of launch and are contingent on Japan finalizing a landmark regulatory overhaul. In April 2026, the Japanese cabinet approved an amendment to the Financial Instruments and Exchange Act that reclassifies cryptocurrencies, including Bitcoin and XRP, as financial instruments rather than payment tools. This change, which must still be passed by the national parliament, or Diet, is essential for allowing regulated investment funds to hold digital assets and for enabling pension funds and insurance companies to access them.

SBI's initiative builds on its established infrastructure and a decade-long strategic partnership...