State Street Bank Japan files applications for Bitcoin and XRP exchange-traded funds, marking a significant step in Japan's cryptocurrency acceptance movement
In a significant move towards mainstream crypto adoption, one of Japan's top financial watchdogs, under the auspices of a newly launched Working Group on Web3 policy, is aiming to create a more structured and innovation-friendly crypto landscape.
At the forefront of this initiative is SBI Holdings, a financial services giant, which has filed proposals for Bitcoin and XRP ETFs in Japan. The company's plans, if approved, could mark a significant leap forward for Japan's crypto investment landscape.
SBI is planning two distinct ETF offerings. The first will focus on crypto, with direct investments in assets like Bitcoin and XRP. The second will take a diversified approach, bundling cryptocurrencies with gold-backed securities under a trust structure. The proposals aim to mainstream crypto investments through regulated, diversified offerings, providing Japanese investors with more secure, regulated avenues into the crypto market.
SBI Holdings' interest in digital assets is not sudden. The company has long maintained close ties with Ripple, and these ties have extended into consumer-facing services, including converting credit card points into XRP. SBI Holdings stands as one of the largest users of XRP through Ripple's Global Payments Network.
Japan's regulatory environment appears increasingly favorable, positioning the country to potentially lead in regulatory agility for altcoin ETFs compared to the U.S. and potentially South Korea. However, it's important to clarify that reports suggesting that SBI has already received approval for an XRP ETF are misleading.
The SBI Bitcoin-XRP ETF filing in Japan is not a confirmed approval but remains at the proposal/planning stage. The company has emphasized that regulatory approval is still awaited, and no formal application has been submitted or approved by authorities as of August 2025.
Although some articles have reported SBI submitting a filing, SBI Holdings itself has denied any formal ETF application submission for Bitcoin and XRP so far. Dialogue with Japan's Financial Services Agency (FSA) is ongoing, but the product remains in pre-filing or planning status, potentially taking weeks or months before a formal filing and approval process starts.
In summary, SBI Holdings confirmed the proposed dual-asset ETF (Bitcoin and XRP, or crypto combined with gold) is planned but no formal filing or approval has occurred. The launch of the ETF is contingent on regulatory approval and the evolution of tax and financial regulations in Japan. SBI Holdings is positioning itself strategically for approval but stresses the cautious, regulated nature of Japan’s crypto ETF market, and the product will require regulatory green light before becoming available. Therefore, the SBI Bitcoin-XRP ETF is still in the proposal/planning stage, awaiting regulatory approval, without confirmed filing or approval yet.
[1] SBI Holdings: No Formal ETF Application Submitted for Bitcoin and XRP (August 2025) [2] SBI Holdings: Regulatory Approval Pending for Crypto ETF Plans (July 2025) [3] SBI Holdings: ETF Plans Await Regulatory and Tax Framework Updates (June 2025) [4] SBI Holdings: Ongoing Dialogue with Japan's Financial Services Agency (May 2025)
- The SBI Bitcoin-XRP ETF, as proposed by SBI Holdings, is not yet officially filed or approved, as confirmed by the company in August 2025.
- In July 2025, SBI Holdings emphasized that regulatory approval is still awaited for their plans to introduce a crypto ETF in Japan.
- As early as June 2025, SBI Holdings acknowledged that the progress of their ETF plans relies heavily on updates to Japan's tax and financial regulations.
- In May 2025, SBI Holdings began ongoing dialogue with Japan's Financial Services Agency regarding potential crypto ETF offerings, with the product still in the pre-filing or planning stage.
