SBI plans gold and crypto ETF with over half in gold, remainder in assets like XRP.
Regulatory updates in Japan required before formal filing, with launch aimed at individual retail investors.
SBI Holdings has revealed plans for a Tokyo Stock Exchange–listed exchange-traded fund that would combine exposure to gold and selected crypto assets. The proposal includes allocating over 51% to gold ETFs and up to 49% to crypto-related ETFs, including those tracking XRP. The details were shared during the company’s quarterly earnings presentation on July 31, 2025.
The financial group clarified that no application has been submitted to the authorities. Reports suggesting a filing had already been made were incorrect, with the company stressing that the concept remains at the planning stage. A representative confirmed that regulatory and tax frameworks in Japan must first be updated before any formal submission can proceed. An SBI representative told Cointelegraph,
Contrary to some media reports, we have not filed any applications with the authority to form an ETF related to crypto assets.
XRP Integration Into Existing Operations
SBI’s interests in XRP go well beyond the proposal for an ETF. The company has a significant 9% equity holding in Ripple Labs, although no value has yet been recognized for this holding on earnings statements. The company justified that the extensive escrowed reserves of XRP held by Ripplehave no determined market value until a triggering event like a first public issue takes place. SBI has said that this could generate huge returns once implemented.
The use of XRP is already included in a number of SBI’s business lines. Shareholders have been rewarded with XRP since 2020. In July 2025, the firm diversified its products by making APLUS credit card points redeemable against XRP, bitcoin, or Ethereum via SBI VC Trade.
Plans are also in progress to list Ripple USD (RLUSD), a U.S. dollar–backed stablecoin by Ripple, on SBI’s trading platform during the current fiscal year. Such updates display the company’s continued focus on integrating XRP both in its products for investments and services for customers.
Regulatory Approval Still Pending
The company has not provided a timeline for submitting ETF applications, mentioning Japan’s current legal environment as a reason. The application will be through SBI Global Asset Management, a division focused on asset management activities.
During its inquiry regarding the target investor base for the prospective ETF, the company signaled its intention to debut for individual investors first. The strategy is aligned with its wider objective to promote non-traditional investments among retail financial players in Japan.
SBI said the only verified information on the ETF is contained in its July 31 earnings presentation, without any other plans revealed beyond that document. The measured roll-out of information indicates the early planning stage and waiting on future releases from the regulators before acting.
