 
 
SBI Holdings has disclosed plans to introduce a dual-asset crypto exchange-traded fund (ETF) offering direct exposure to both Bitcoin (BTC) and Ripple’s XRP on the Tokyo Stock Exchange, subject to forthcoming regulatory approval.
The move marks a significant milestone in XRP’s journey toward institutional recognition and regulatory acceptance in Japan. Moreover, if greenlit, it could put Japan ahead of the U.S. in the race to list the first XRP-based ETF.
SBI Seeks To Launch Bitcoin-XRP ETF In Japan Upon Regulatory Approval
In the firm’s Q2 2025 earnings report, SBI Holdings unveiled plans for the ‘Crypto-Assets ETF’ proposal designed to track the performance of Bitcoin and XRP simultaneously, providing a single-entry point for investors seeking crypto exposure while taking advantage of potential legal revisions currently under review by Japan’s Financial Services Agency (FSA).
A second product, the Digital Gold Crypto ETF, adds additional depth by allocating over 50% of its capital to gold ETFs, while combining the remainder across crypto-asset ETFs like Franklin’s Bitcoin ETF (EZBC), with up to 49% allocated to crypto.
These ETFs would trade on the Tokyo Stock Exchange like any listed security, targeting broader retail and institutional access.
 
The relevant authorities have not granted any formal approval yet, but if cleared, this dual ETF would become Japan’s first product to include the Ripple-affiliated XRP cryptocurrency, which is still absent from key institutional vehicles in the United States due to major regulatory hurdles in the past.
Ripple, the U.S.-based blockchain company that developed the XRP Ledger and its native token, has been embroiled in a legal battle with the US Securities and Exchange Commission (SEC) since 2020. Ripple CEO Brad Garlinghouse announced in June that the company had decided to drop its cross-appeal in the case, suggesting the long-awaited end was near.
Unlike other major economies, Japan has maintained a rather structured approach to crypto regulation. As ZyCrypto reported earlier this year, Japan is planning to reclassify cryptocurrencies as financial products and implement insider trading regulations similar to those for traditional financial markets.
That said, SBI’s move could boost the institutional adoption of the third-largest cryptocurrency in Japan’s regulated investment market.
Source: https://zycrypto.com/ripples-xrp-primed-for-gigantic-boost-as-sbi-holdings-unveils-plans-to-launch-japans-first-ever-bitcoin-xrp-etf/