Rising institutional interest in XRP, coupled with growing market speculation over potential exchange-traded funds (ETFs) tied to the token, has placed the crypto asset in 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.

While the presentation did not state that a filing had been made, some media outlets prematurely reported that one had occurred. This prompted the company to clarify: “Contrary to some media reports, we have not filed any applications with the authority to form an ETF related to crypto assets.” An SBI representative told Cointelegraph:

It is only at the planning stage.

The representative further explained: “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.”

The ETF proposal builds on SBI’s extensive XRP exposure, anchored by its roughly 9% equity stake in Ripple Labs. The company said the valuation of this holding is not yet reflected in earnings because Ripple’s large escrowed XRP reserves lack a definitive market price until an IPO or similar event occurs. SBI anticipates “significant gains” once that milestone is reached.

Well ahead of any ETF approval, SBI has already embedded XRP into its operations. Since 2020, it has provided XRP to shareholders as a benefit, and from July 2025, it has allowed APLUS credit card points to be redeemed for XRP, bitcoin, or ethereum through SBI VC Trade. The group also plans to list Ripple USD (RLUSD), Ripple’s U.S. dollar–backed stablecoin, within the current fiscal year. By combining product development, infrastructure integration, and strategic holdings, SBI is positioning itself to capitalize if Japan’s regulators approve XRP-linked ETFs.

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