The headlines were buzzing, but SBI Holdings says it’s not true – at least not yet.
The Japanese financial giant has denied claims that it has already filed for crypto exchange-traded funds (ETFs), including a dual Bitcoin-XRP product.
Here’s the full truth.
No ETF Filings Yet, Says SBI Holdings
Reports earlier this week suggested SBI had applied for two new ETFs – one combining gold and cryptocurrencies, and another pairing Bitcoin and XRP. The claims were linked to details in SBI’s recent earnings presentation.
But the company says that’s not the case.
“Contrary to some media reports, we have not filed any applications with the authority to form an ETF related to crypto assets,” an SBI spokesperson told Cointelegraph. “The filing will be done after these legal revisions have been made.”
So, Why Is SBI Waiting?
The delay comes as Japan’s Financial Services Agency (FSA) moves to tighten and clarify crypto regulations. On June 24, the FSA proposed recognizing certain digital assets as financial products under the Financial Instruments and Exchange Act (FIEA).
If approved, the change would bring some tokens under the same rules as securities – introducing mandatory disclosures for token issuers, insider trading oversight, and stricter market conduct rules. It would also open a clearer legal path for regulated crypto ETFs, including spot Bitcoin products.
For now, SBI says it won’t move forward until both legal and tax frameworks are final.
Also Read: Japan’s Slow Crypto Approval Process Holds Back Innovation, Says WeFi CEO
Retail First Approach
When the time comes, SBI plans to file through its subsidiary, SBI Global Asset Management. The first target won’t be big institutions, but individual investors. The company says it aims to ‘advocate for and promote the democratization of alternative investments.’
Japan’s retail market has a long history with crypto. The country legalized cryptocurrencies as payment methods back in 2017, making it one of the first major economies to do so.
What’s Next
The FSA’s proposal is expected to turn into a formal bill in early 2026. If that happens, Japan could become one of the most advanced markets for regulated crypto ETFs.
For now, the Bitcoin-XRP ETF talks are unfortunately just rumours. But once the rules are in place, SBI could be ready to move fast.
