Japan Moves Toward XRP ETF

SBI Holdings Pushes for Dual Crypto ETF Listing

Japanese financial giant SBI Holdings is planning to launch Bitcoin and XRP exchange-traded funds on the Tokyo Stock Exchange, a move that could proceed once regulators approve the products. The plans, highlighted by XRP community figure Xaif from an investor presentation, outline two distinct products. The first combines gold and crypto asset ETFs into a single trust, allocating 51% into gold-based ETFs and 49% into crypto-asset ETFs such as Bitcoin ETFs, to be publicly offered as an investment trust in Japan. The second product bundles Bitcoin ($BTC) and $XRP together and is earmarked for listing on the Tokyo Stock Exchange.

According to Xaif, SBI is targeting nearly $32 billion in assets under management within three years while preparing these investment products. SBI has a long history with Ripple, having invested in the firm back in 2016, and is XRP's largest external shareholder with a roughly 9% equity stake. The hybrid ETF strategy is designed to help risk-sensitive investors combine crypto with the stability of gold, while also aligning with SBI's broader initiatives promoting XRP payments.

Japan's Regulatory Overhaul Sets the Stage

Japan's cabinet approved a landmark amendment to the Financial Instruments and Exchange Act on April 10, 2026, officially classifying crypto assets as financial instruments and elevating digital currencies from their previous status as payment tools to regulated investment products on par with stocks and bonds. The updated legislation moves digital asset regulation from the Payment Services Act to be governed by the Financial Instruments and Exchange Act, the regulatory framework for securities markets, issuance, trading, and disclosures.

The new legislation introduces a ban on insider trading and prohibits any buying or selling of digital assets based on non-public information. Alongside stricter oversight, proposed tax cuts would reduce the rate on crypto gains from 55% to 20%, aligning digital assets with traditional Japanese stocks. Japan's Financial Services Agency plans to allow cryptocurrency ETFs by 2028, according to Nikkei. Several major firms, including Nomura Securities, Daiwa Securities, and SMBC Group, are also preparing crypto investment products, suggesting SBI's move is part of a broader shift in Japan's financial industry toward regulated digital asset exposure.

CoinTelegraph: SBI outlines plans to launch Japan's first Bitcoin-XRP dual ETF | Crypto.news: Japan reclassifies cryptocurrency as financial instrument | CoinDesk: Japan ETFs said likely to trade by 2028 as SBI, Nomura ready products