Japanese financial group SBI Holdings has recently filed applications for two cryptocurrency exchange-traded funds (Crypto ETF) on the Tokyo Stock Exchange as part of its blockchain expansion plan. One of the ETFs will directly track Bitcoin (BTC) and XRP, while the other will combine gold ETF holdings with cryptocurrency.
SBI’s proposed ETFs — Crypto-Asset ETF and Digital Gold Crypto ETF — aim to address the growing institutional demand for crypto investment products across Asia and North America.
According to the company’s Q2 2025 financial report, released on July 31, the Crypto-Assets ETF is designed to track the combined performance of Bitcoin and XRP, offering investors exposure to both assets in a single regulated investment product.
SBI Japan, a key subsidiary, strengthens the firm’s offerings through its longstanding strategic alliance with Ripple. The partnership leverages Ripple’s On-Demand Liquidity (ODL) and Ripple Payments to facilitate real-time, cost-efficient cross-border settlement.
If regulators approve the new ETFs, institutional investors will gain from a single product direct exposure to two leading cryptocurrencies. The company’s broader roadmap also highlights initiatives tied to RLUSD, Ripple’s USD-backed stablecoin, further pushing the envelope in international payments and digital treasuries.
Institutional demand for XRP-backed products is on the rise. June 2025 saw Canadian regulators approve three spot XRP ETFs, and more than 10 U.S. asset managers now seek similar clearance, spurred partly by recent regulatory reforms. SBI’s entry into the ETF space strengthens XRP’s case as a mainstream institutional asset, raising its global profile and improving market accessibility
The Digital Gold Crypto ETF splits its holdings — over 51% allocated to physical gold ETFs with the balance in crypto asset ETFs — offering a unique combination of stability and growth. The strategy appeals to risk-sensitive investors who want to hedge macroeconomic upheaval but still capture digital asset upside.
SBI’s Digital Gold Crypto ETF reflects the accelerating institutional search for regulated, lower-volatility access to crypto markets. Hybrid vehicles like this mitigate some of the volatility that deters traditional investors, applying rigorous regulatory standards while providing fresh portfolio diversification.
As equity and bond markets face heightened volatility and geopolitical tension, this ETF model opens the door to resilient asset allocation and bridges the gap between established finance and emerging crypto opportunities.
While Japan’s Financial Services Agency (FSA) remains cautious about crypto markets, new legal reforms such as the proposed classification of crypto assets as financial products are looking positive. If approved, the tax rate on crypto gains would go from 50% to 20%. Other institutional initiatives such as this ETF approval, would strengthen the market’s crypto integration into mainstream finance.
Despite the news, spot prices for Bitcoin and XRP have held steady in the face of ETF headlines and macroeconomic worries, including rising U.S. tariffs. The FSA’s steady approach, coupled with mounting institutional interest such as this ETF approval, would strengthen Japan’s crypto integration into mainstream finance.
