Japan’s SBI Holdings seeks regulatory approval for a spot XRP ETF, aiming to capture $32 billion in assets within three years.
SBI Holdings has submitted applications to Japan’s Financial Services Agency for two ETFs, including the country’s first spot XRP ETF. The filings target $32 billion in assets under management within three years of launch, reflecting strong institutional interest in crypto assets.
Japan’s cabinet approved an amendment on April 10, 2026, reclassifying XRP and 104 other cryptoassets as financial instruments. The change, set for fiscal 2027 implementation, paves the way for crypto ETF approvals by fiscal 2028. Investors poured $21.7 billion into XRP via centralized exchanges in the year ending June 2025.
SBI, Ripple’s largest external shareholder with a 9% stake, also operates Japan’s only live XRP remittance corridor and became Asia’s first regulated RLUSD distributor on March 31, 2026. The move follows a shift from a 55% crypto tax to a flat 20% rate, aligning with equity taxation.