SBI Seeks Approval for Dual Bitcoin–XRP ETF in Japan, Eyes Institutional Access Expansion

SBI Holdings has submitted an application for a new crypto exchange-traded fund (ETF) that offers direct exposure to both bitcoin (BTC) and XRP — a rare dual-asset structure designed for institutional investors.

Disclosed in the firm’s Q2 2025 earnings report, the proposed “Crypto-Assets ETF” is designed to simultaneously track the performance of BTC and XRP, offering investors a streamlined entry point into the crypto market through a regulated financial vehicle.

This marks one of the few institutional-grade products globally to pair XRP alongside bitcoin, especially notable given XRP’s exclusion from most U.S.-based ETFs amid ongoing regulatory concerns.

SBI is also planning a second offering: the “Digital Gold Crypto ETF,” a hybrid product that allocates over 50% of assets to traditional gold ETFs while distributing the remainder across cryptocurrencies backed by physical gold. The product is aimed at investors seeking crypto exposure with lower volatility and commodity-linked stability.

While both ETFs are still awaiting regulatory approval, a successful listing would mark a major milestone for Japan’s crypto ETF landscape — and the first time XRP is formally included in a regulated fund offering within the country.