Japanese investment group SBI Holdings has announced its intent to launch two new crypto-based exchange-traded funds (ETFs) in its most recent earnings report.
SBI Holdings Aims to Grow Crypto in Japan, Launch Dual-Asset Crypto ETFs
7 August 2025 - 18:03 CEST
SBI Holdings is a Japanese “comprehensive internet financial group.” The company's ¥443.19 billion (US$3 billion) of second-quarter revenue was almost a third of the total reported for 2024.
Dual-asset ambitions
In the earnings report, SBI detailed its plans to join the ETF market with two new crypto-based products. The first, “Digital Gold”, has “over 51% in gold ETFs and up to 49% in crypto-asset ETFs such as Bitcoin ETFs.” The second is a “Tokyo Stock Exchange-Listed Crypto-Asset,” a Bitcoin/XRP dual-asset ETF.
Source: SBI Holdings FY2025 Q1 Earnings Report
It has been widely reported that this would be Japan’s first dual-Bitcoin/XRP ETF. While relatively new in crypto markets, dual-asset ETFs benefit investors by reducing exposure to single product volatility.
The increased stability a dual-asset product offers, especially one like Digital Gold, directly appeals to investors who are seeking lower-volatility access to crypto markets.
ETFs soaring
Following approval of US spot Bitcoin ETFs in January 2024, the amount of global crypto exchange-traded product (ETP) assets under management (AUM) has surged. The total AUM for Bitcoin ETFs has gone from US$30 billion in February 2024, to US$110 billion in December 2024, to over US$152 billion in July 2025, data from Coinglass shows.
Recently, Bitcoin and Ether ETFs reached a record monthly inflow of $11.2 billion in July.
“Focus on stablecoins”
SBI’s crypto ambitions are not solely linked to ETFs. The company is looking expand with both USD-backed and JPY-backed stablecoins.
Business development is being actively advanced with a focus on stablecoins.
For USD-backed stablecoins, the report states they aim to:
- Expand USDC’s use cases in Japan through a JV with Circle
- Seek to begin handling RLUSD issued by Ripple within this fiscal year
- Circulate USD-backed stablecoins within Japan as an SBI Group initiative
And for JPY-backed stablecoins, the company writes:
- The spread of JPY-backed stablecoins is expected to increase demand for Japanese government bonds, maintaining the stability of the Japanese Yen and strengthening its creditworthiness
- Consider providing various financial services centred on stablecoins by connecting them with SBI Group’s securities and banking functions in the future
The investment firm is also the largest external shareholder of Ripple Lab Inc, the developer of XRP and RLUSD, with a 9% stake. The ETF and commitment to RLUSD demonstrates SBI’s strong relationship to Ripple – the two companies have collaborated closely on payment and blockchain infrastructure in Asia for almost a decade.
SBI also invested ¥7.37 billion (US$50 million) in shares in Circle Internet Group, the issuer of USDC, during the IPO on 05 June. The two companies have partnered to circulate USDC in Japan since 2023.
Regulatory questions
The launch of both ETF products is pending regulatory approval, as the Japanese Financial Services Agency (FSA) recently released a Review of the Regulatory Framework for Crypto-Assets report. The agency is “considering legal revisions to treat crypto-assets as financial instruments.”
SBI has its own ideas on the crypto regulatory reform Japan needs. The suggestions include:
- Positioning crypto assets as financial instruments equivalent to securities, tax discrepancies should be eliminated by making it subject to separate taxation
- Easing regulations on overseas-issued stablecoins (e.g. the JPY 1m transfer limit) is essential to promote their utilization in inter-corporate transactions
Crypto is a notable and growing asset class in Japan. It has been recognized since 2016, and Coinpedia states that revenue in the crypto market is expected to reach ¥295.22 billion (US$2 billion) in 2025. As of January 2025, there are over 12 million active crypto accounts held in Japan, according to an analysis in the Asia Business Law Journal.
