Japanese Bitcoin Spot ETFs may not arrive as early as expected this week.
SBI Holdings denied previous reports that it had officially filed crypto-related exchange trading funds (ETFs) in Japan, making it clear that the plan remains in the development stage.
Regulation clarity is still pending
“Contrary to some media reports, we have not submitted applications that have the authority to form ETFs related to crypto assets,” an SBI spokesman told Cointelegraph on Friday. “It’s only during the planning stage.”
A spokesperson said SBI will not submit ETF applications until Japan’s Financial Services Agency (FSA) has finalized its approach to crypto assets classification.
“In Japan, ETFs that incorporate crypto assets are expected to be approved in a manner consistent with the responses of financial and tax authorities,” said a representative for the SBI. “Therefore, after these legal revisions are made, the filing will take place.”
In announcing the results for the second quarter a week ago, SBI introduced plans for two new ETFs: a hybrid product combining gold and digital assets, as well as another holding spot, Bitcoin and XRP. The report pointed out as evidence the language of the company’s latest revenue presentation.
However, the presentation materials did not expressly confirm the regulator’s submission, and the SBI moved to set the record straight.
In June, the FSA proposed to recognize certain digital assets as financial instruments under the Financial Instruments and Exchange Act (FIEA), a traditional framework for managing securities.
If approved, the first published Crypto ETF in Japan
If approved, this change will allow the first publicly published cryptographic ETF in Japan. While making that clear, SBI has not yet submitted an application, but it has already taken steps to position itself in Japan’s expected ETF market. As previously reported by Beincrypto, the company partnered with US investment company Franklin Templeton to create a new digital asset management joint venture in Japan.
Nikkei reported that SBI holds a 51% majority stake in the new company, and Franklin Templeton owns the remaining shares. This partnership is designed to launch a Bitcoin ETF as soon as the FSA grants approval. The joint venture will also leverage Franklin Templeton’s asset tokenization expertise to expand its future product offerings.
This move will be carried out in parallel with SBI’s plans for two ETF concepts based on the subsidiary’s SBI Global Asset Management. A pure playspot ETF for Bitcoin and XRP, and a hybrid fund that has at least 51% allocated to gold and the rest to digital assets. The company aims to first offer these products to individual investors, consistent with its mission to “promote democratization of alternative investments.”
SBI’s inclusion of XRP reflects its long-standing relationship with Ripple, where it remains a major shareholder. The company has actively promoted XRP with cross-border payments across Asia. Analysts say that regulated ETFs with direct XRP exposure could help justify tokens for institutional adoption in Japan.
The Hybrid Gold Crypto ETF concept is intended to appeal to both digital asset enthusiasts and risk aversion investors, combining the growth potential of crypto with the recognized stability of gold.
Strategic Expansion of Web3
SBI’s ETF ambitions are part of a broader Web3 strategy. The company is expanding its Stablecoin initiative, including USDC, Ripple’s RLUSD and the planned yen religion Stablecoin, consolidating securities, banks and digital assets into a single financial infrastructure.
Industry observers see ETF approval as positioning ahead of potential market shifts. The introduction of regulated cryptographic ETFs could unlock new institutional capital, particularly from pension funds and asset managers who avoided direct cryptographic exposure due to regulatory and tax hurdles.
While optimism is being built, industry experts warn that regulatory reviews and product reviews will take time. SBI reiterated that all published information regarding the ETF plan is included in the revenue presentation and related statements, and no details regarding fees, custody, or launch dates have been made public.
If Japan’s FSA completes the proposed legal revision, the country could join the US and Canada to provide spot crypto ETFs. For SBI, early entry can solidify leadership in Japan’s evolving financial landscape, but partnerships like the Franklin Templeton Venture emphasize the intent that regulators are ready for the moment they open the door.
The Post Japan Crypto ETF has not been officially submitted, but plans, which are still in development, first appeared in Beincrypto.
