SBI Clarifies XRP ETF Status With Filing Timed For Regulatory Breakthrough

XRP is surging into the spotlight as institutional demand accelerates, with SBI positioning for gold-and-crypto ETF ambitions amid mounting speculation and growing anticipation for Japan’s regulatory approval.

Rising institutional interest in XRP, coupled with market speculation over potential exchange-traded funds (ETFs) tied to the token, has pushed the crypto asset into sharper focus. In its July 31, 2025, quarterly earnings presentation, SBI Holdings—a Tokyo-based financial conglomerate with businesses in banking, securities, and digital assets—outlined a plan for a Tokyo Stock Exchange–listed ETF that would allocate more than 51% to gold ETFs and up to 49% to crypto-asset ETFs such as those tracking XRP.

SBI Clarifies No Filing Yet

While the presentation sparked headlines, it also caused confusion. Some media outlets prematurely reported that SBI had already filed an application. That was not the case. In a direct statement, the company clarified:

“Contrary to some media reports, we have not filed any applications with the authority to form an ETF related to crypto assets.”

Speaking to Cointelegraph, an SBI representative reinforced that the idea remains in its early stages:

“It is only at the planning stage.”

The representative added that any move forward will depend on regulatory and tax authority responses:

“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. Therefore, the filing will be done after these legal revisions have been made.”

This careful timing reflects Japan’s historically cautious approach to financial innovation. While the country has been more open than some jurisdictions to digital assets, ETF approvals involving crypto remain uncharted territory.

Deep Ties with Ripple

The ETF proposal isn’t a sudden pivot for SBI—it builds directly on the company’s long-standing commitment to XRP. SBI holds roughly a 9% equity stake in Ripple Labs, making it one of the largest institutional supporters of the blockchain firm.

Interestingly, the company says the value of its Ripple holdings isn’t yet reflected in its earnings reports. That’s because a substantial portion of Ripple’s XRP remains in escrow, and those reserves don’t have a definitive market valuation until a liquidity event, such as an IPO, occurs. SBI has hinted that once such a milestone happens, it expects “significant gains.”

XRP in SBI’s Everyday Operations

Long before the ETF conversation, SBI was already embedding XRP into its business model. Since 2020, it has been providing XRP as a benefit to shareholders—an unusual but attention-grabbing loyalty perk for a traditional financial firm.

From July 2025, SBI expanded that integration by allowing APLUS credit card reward points to be redeemed for XRP, bitcoin, or ethereum through its digital asset platform, SBI VC Trade. This move not only familiarizes everyday consumers with XRP but also encourages its circulation outside of speculative trading.

The group is also looking ahead to stablecoin integration. Within the current fiscal year, SBI plans to list Ripple USD (RLUSD), Ripple’s U.S. dollar–backed stablecoin. That could further expand the firm’s crypto ecosystem, providing both retail and institutional clients with more on-chain settlement options.

Positioning for Japan’s ETF Green Light

SBI’s layered approach—combining strategic equity holdings, infrastructure integration, and customer-facing crypto incentives—means it’s already positioned to act if Japanese regulators approve ETFs linked to digital assets like XRP.

The inclusion of gold in the proposed ETF structure may be a deliberate move to make the product more palatable to regulators and conservative investors. By pairing a historically stable asset with the volatility of crypto, SBI could argue that the fund offers both diversification and innovation.

Even without a formal filing, the market is paying attention. XRP’s price action in recent weeks has been buoyed not just by SBI’s plans but also by the broader trend of institutional players eyeing regulated crypto investment products.

A Signal to the Global Market

If Japan does approve crypto-inclusive ETFs, SBI would be among the first movers—a position that could cement its influence in Asia’s evolving digital asset market. It would also send a signal to other jurisdictions that the marriage of traditional finance and blockchain is not only possible but potentially profitable.

For now, the crypto world is left watching and waiting. Whether approval comes this year or next, SBI’s playbook suggests it’s prepared to capitalize on the moment regulation catches up with demand.