In a groundbreaking move for Japan’s financial landscape, SBI Holdings has submitted a proposal for a dual-asset cryptocurrency exchange-traded fund (ETF) encompassing both Bitcoin (BTC) and XRP. The announcement, made public in the firm’s Q2 2025 earnings report, marks a notable milestone for XRP, which, until now, has been conspicuously absent from institutional products in major markets due to regulatory concerns. This ETF aims to provide investors with a streamlined gateway into the volatile yet promising world of digital assets.
A Novel Fusion of Assets
This ambitious ETF is designed to track the performance of Bitcoin and XRP simultaneously, offering a unified entry point to these digital assets. What makes this initiative particularly intriguing is the pairing of XRP with Bitcoin in an institutional-grade product—a rarity in the crypto sphere. According to financial analyst Keiko Tanaka, “The inclusion of XRP alongside Bitcoin in an ETF could signal a shift in how institutional investors view XRP, potentially elevating its status in global markets.” This follows a pattern of institutional adoption, which we detailed in Bitcoin ETF Institutional Investors Will Now Be Able to Redeem Shares for BTC.
SBI’s vision doesn’t stop with the dual-crypto ETF. The company is also introducing the Digital Gold Crypto ETF, a hybrid investment vehicle that allocates over half of its capital to traditional gold ETFs while diversifying the remainder across cryptocurrencies backed by gold. This innovative blend targets investors seeking to hedge against volatility through a mix of crypto’s upside potential and the stability of commodities.
Regulatory Hurdles and Market Implications
No green light has been given for these products yet, and approval processes can be notoriously intricate. If sanctioned, these ETFs would be the first in Japan to include XRP. This is significant, given that XRP has faced numerous regulatory challenges, particularly in the United States. According to sources familiar with the matter, the regulatory landscape in Japan appears more amenable to crypto innovation, which could set a precedent for future offerings. For a deeper dive into the regulatory implications, see our coverage of the SEC’s latest guidance.
The implications for the global cryptocurrency market are substantial. With Japan potentially leading the way, other countries might reconsider their stance on XRP and similar assets. “This move could trigger a domino effect,” noted blockchain strategist Yuki Nishimura, “encouraging other nations to reevaluate their regulatory frameworks and potentially paving the way for broader acceptance of digital currencies.”
Historical Context and Future Prospects
Historically, XRP has been shadowed by legal uncertainties, especially with the ongoing litigation involving the U.S. Securities and Exchange Commission. While Bitcoin has enjoyed a relatively clearer path to institutional adoption, XRP’s journey has been fraught with obstacles. However, recent developments, such as Ripple’s partnership with BDACS and the activation of XRP support at a Korean crypto custodian, hint at a changing tide.
Looking forward, the success of SBI’s ETF filings could hinge on regulatory attitudes and market reception. If approved, these products might not only bolster SBI’s standing in the crypto space but also serve as a catalyst for similar initiatives worldwide. Yet, questions abound—will other nations follow Japan’s lead, and can these ETFs meet investors’ expectations in a market known for its unpredictability?
In the end, SBI’s bold step into the ETF realm underscores a broader trend of mainstream financial institutions dipping their toes into the murky waters of cryptocurrency. As these conversations evolve, one thing remains clear: the crypto landscape is on the brink of transformation, and the world is watching closely.
Source
This article is based on: SBI Files for Bitcoin–XRP ETF in Japan, Pushing Dual Crypto Exposure Into Regulated Markets
Further Reading
Deepen your understanding with these related articles:
- US Exchanges Ask SEC to Consider Rule Change to Speed Up Crypto ETFs
- Bitcoin, Ethereum and XRP Sink as Crypto Liquidations Top $900 Million
- White House Crypto Policy Report Looms: What It Means for Bitcoin and XRP Whales
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
