SBI Holdings just filed applications for Bitcoin and XRP ETFs with Japan’s Financial Services Agency, marking a bold move in a country historically hostile to crypto. The financial giant also proposed a Digital Gold Crypto ETF mixing 51% gold with 49% crypto. Japan’s FSA has treated digital assets like radioactive waste for years, but recent signals suggest strategic openness. Market reaction was muted amid broader economic uncertainties. The approval outcome could reshape Japan’s entire crypto environment.
While most crypto enthusiasts were busy watching Bitcoin‘s price swings, SBI Holdings quietly filed paperwork that could reshape Japan’s digital asset environment. In August 2025, the financial giant submitted applications for two ETFs targeting Bitcoin and XRP to Japan’s Financial Services Agency. Not exactly the flashiest announcement, but potentially groundbreaking.
The proposed ETFs would trade on the Tokyo Stock Exchange, giving institutional investors regulated access to these cryptocurrencies. SBI didn’t stop there. They also pitched a Digital Gold Crypto ETF that splits 51% gold and 49% crypto. Because apparently someone thought traditional assets needed a digital makeover. Similar to the US banking revolution, this move signals a major shift in traditional finance embracing crypto assets.
Japan’s FSA isn’t known for moving fast when it comes to crypto. They’ve historically applied strict oversight, treating digital assets like radioactive material that might explode if handled incorrectly. But recently, there are signs of strategic openness. Shocking, really. The agency is considering regulatory reforms that could ease approval processes and taxation for crypto ETFs.
Still, this cautious approach contrasts sharply with markets like Canada and Brazil, where ETF rollouts happen at lightning speed.
Market reaction? Crickets. Bitcoin and XRP prices barely budged after the announcement. Macroeconomic uncertainties and geopolitical risks kept investors glued to their chairs. Bitcoin spot ETFs actually saw $196 million in outflows over four consecutive days. Meanwhile, Ethereum ETFs managed $73 million in inflows, proving investor appetite remains selective. XRP continues trading around the $3 level, maintaining intraday support as investors watch for potential breakout signals.
SBI Holdings isn’t stumbling blindly into crypto territory. They have history with XRP and launched Japan’s first public USDC stablecoin offering through their subsidiary SBI VC Trade Co. The company has systematically acquired crypto-related firms, including TaoTao Incorporation and NFT developer Smartapp Inc. SBI Japan’s long-term partnership with Ripple for cross-border payments further strengthens their position in the digital asset space.
They even established a digital asset investment fund in Singapore.
If approved, these ETFs would position SBI as a pioneer in Japan’s evolving crypto market. The company is clearly betting big on digital assets, both domestically and internationally. Whether Japan’s regulators will play along remains the million-dollar question. Or perhaps the million-Bitcoin question.
