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SBI Refutes Bitcoin-XRP Filing
SBI Holdings, one of Japan’s leading financial services companies, has officially denied filing for a dual Bitcoin-XRP exchange-traded fund (ETF), following media reports that inaccurately claimed otherwise. The reports, which surfaced mid-week, suggested that SBI had submitted ETF applications for two products: one combining gold and cryptocurrencies, and another featuring Bitcoin and XRP.
However, an official statement from the company to Cointelegraph clarified that no such filings had been submitted to Japanese regulators. This comes amid a growing interest in digital asset ETFs globally, especially after major approvals in the U.S., Europe, and Hong Kong. But Japan’s regulatory stance remains cautious.
“Contrary to some media reports, we have not filed any applications with the authority to form an ETF related to crypto assets,” an SBI representative stated.
This denial comes despite speculation drawn from SBI’s latest earnings report, which some interpreted as a signal of imminent ETF filings. The company clarified that while there are long-term plans to explore crypto ETFs, official applications are contingent on regulatory updates in Japan.
Rumors Originated from Earnings Report
The confusion appears to have originated from SBI Holdings’ recent earnings presentation, which included references to future financial products and crypto initiatives. While the document did not explicitly state that an ETF application had been filed, several media outlets reported it as such, triggering widespread speculation.
These speculative reports claimed that SBI was preparing two ETF offerings:
- A dual asset fund involving gold and crypto, and
- A fund combining Bitcoin and XRP, two of the most actively traded cryptocurrencies.
The reports lacked definitive proof and cited only ambiguous language from the earnings documents. SBI quickly moved to correct the narrative through direct communication with the press, particularly Cointelegraph.
The earnings report “did not clearly confirm whether any applications had been filed,” said Cointelegraph, adding credibility to SBI’s denial.
Legal Clarity Still Awaited in Japan
SBI’s decision to hold back on crypto ETF filings reflects the regulatory uncertainty still present in Japan’s financial markets. While the country has been at the forefront of cryptocurrency adoption in many respects, its ETF and institutional investment frameworks for digital assets remain under development.
An SBI spokesperson told Cointelegraph:
“In Japan, ETFs that incorporate crypto assets are expected to be approved in a way that aligns with the responses of the financial authorities and tax authorities.”
This statement highlights the complex interplay between financial regulators and tax agencies in determining how such ETFs will be classified, taxed, and managed. Until these legal frameworks are clarified and codified, SBI Holdings has opted for a cautious approach.
The representative also indicated that any filings would come only after these regulatory revisions are completed.
SBI Global to Lead Filing
While denying that an ETF application has already been filed, SBI Holdings did confirm its intent to pursue crypto ETF products in the future. The group revealed that its asset management subsidiary, SBI Global Asset Management, will be the entity responsible for managing and filing future applications.
SBI Global Asset Management already plays a significant role in overseeing alternative investments within the group’s portfolio and is well-positioned to lead ETF initiatives once regulations allow.
The company also expressed a clear interest in democratizing access to alternative investments, suggesting that any forthcoming ETFs will be structured to appeal to a broad range of investors, including retail traders.
“The company advocates for and promotes the democratization of alternative investments,” said the SBI representative.
This vision is in line with global trends, where ETFs are increasingly being used as a vehicle to give everyday investors exposure to traditionally complex or volatile assets like cryptocurrencies.
Retail Investors Are Primary Target
SBI Holdings also disclosed that it would prioritize individual investors over institutions when it eventually launches its crypto-related ETF products. This is a departure from the typical trend in other markets, where institutional participation usually leads the ETF adoption curve.
According to the representative, SBI sees ETFs as a gateway product that can help regular investors gain controlled, regulated exposure to the crypto market without needing to manage private keys or deal with volatile exchanges.
This strategy complements SBI’s broader digital asset initiatives, including partnerships with Ripple, investments in blockchain infrastructure, and the development of a digital securities ecosystem.
However, despite these ambitions, the company emphasized that no official ETF timeline has been set. Everything depends on regulatory clarity, and SBI appears committed to full legal compliance before taking the next step.
Conclusion: Caution Before Commitment
SBI Holdings’ prompt denial of recent ETF filing rumors serves as a reminder that even in a crypto-forward nation like Japan, regulatory caution still prevails. While the company remains committed to expanding its presence in the digital asset space, including launching Bitcoin and XRP ETFs in the future, it is clear that legal clarity is the top priority.
By waiting for comprehensive regulatory alignment from both financial and tax authorities, SBI is taking a measured and responsible approach to crypto innovation—setting an example for others navigating Japan’s evolving digital finance landscape.
Until the regulatory landscape matures, SBI’s stance remains one of strategic patience, ensuring that any ETF products it eventually launches will meet both compliance standards and investor expectations.