SBI Holdings Denies Rumors of Filing for Bitcoin ETF and XRP ETF Licenses

The Japanese financial giant has denied claims that it has applied for a Bitcoin ETF and XRP ETF.

SBI Holdings Says No Crypto ETF Applications Have Been Filed Yet
SBI Holdings said:

“Contrary to some media reports, we have not filed any ETF application with the competent authority to establish an ETF related to crypto assets,”  an SBI spokesperson told Cointelegraph  .

“The application will be made after these legal amendments are made,” the person added.

So why is SBI waiting?
The delay comes amid a tightening and clarification of cryptocurrency regulations by Japan’s Financial Services Agency (FSA). On June 24, the FSA proposed recognizing certain digital assets as financial products under the Financial Instruments and Exchange Act (FIEA).

If approved, the change would see cryptocurrencies regulated as securities – introducing mandatory disclosure requirements for token issuers, monitoring for insider trading, and tighter rules on market conduct.

This would also open up a clearer regulatory path for regulated crypto ETFs, including prominent ETFs like the Bitcoin spot ETF.

For now, SBI says it will not trade a Bitcoin ETF until both the legal and tax frameworks are finalized.

Japan's retail market has a long history with cryptocurrencies. The country legalized cryptocurrencies as a payment method in 2017, becoming one of the first major economies to do so.

The FSA proposal is expected to become an official bill in early 2026. If that happens, Japan could become one of the most advanced markets for regulated crypto ETFs.