SBI Holdings Denies Crypto ETF Filings, Plans Still Pending
Key Highlights
- SBI Holdings denies officially filing crypto ETF applications.
- Plans for Bitcoin, XRP, and Digital Gold ETFs remain in planning.
- Awaiting Japan’s regulatory clarity before moving forward.
SBI Holdings has firmly put the brakes on market chatter, making it clear that no applications for cryptocurrency exchange traded funds (ETFs) have been submitted to Japanese regulators. Speaking to Cointelegraph on August 8, 2025, an SBI spokesperson stated that its much discussed Bitcoin-XRP dual crypto ETF and Digital Gold Crypto ETF are still “at the planning stage” and the firm has not yet proceeded with any formal filing process.
During the discussion, SBI Holdings emphasized that it will be only proceeding with ETF application once Japan’s financial authorities finalize how they classify crypto assets under the Financial Instruments and Exchange Act (FIEA). “We are waiting for regulatory clarity before taking the next step,” the spokesperson confirmed.
SBI Holdings also underlined that no timeline has been fixed as of now for these filings. Also, when the time comes, submission will be made through its asset management arm, which is SBI Global Asset Management. The ETFs, according to the firm, will primarily be designed for individual investors, though institutional access may also be considered once listed.
Why Denial Matters?
SBI’s statement is important because it arrives just two days after the market erupted in speculations. On August 6, 2025 speculation were flying claiming that SBI Holdings had already filed to launch the two ETFs on the Tokyo Stock Exchange. Those initial stories framed the move as a bold step to give both retail and institutional investors regulated exposure to Bitcoin, XRP, and tokenized gold, potentially making SBI one of the first movers in Japan’s crypto ETF landscape.
The Origin of the Confusion
The spark came from the language used in SBI’s Q2 earning disclosure that referenced plans to develop ETF products tied to crypto assets. Even though it was not explicitly stated in the report, but the phrasing was misinterpreted which caused this confusion and spread like a wildfire.
The misunderstanding reflects a broader trend in the digital asset space, where early-stage corporate plans often get conflated with regulatory filings, especially when the company involved is as huge as SBI Holdings. The clarification from the firm, however, shows a desire to manage expectations and avoid unnecessary hype that could have an impact on the market sentiment or regulatory relationships.
Strategic Patience in a Shifting Regulatory Landscape
SBI is taking the slow-and-steady route and is currently waiting for Japan’s FSA to finish fine-tuning of the rules for crypto ETFs under the FIEA.
Filing too soon without any clear guidelines can lead to damages such as extra costs, delays, or even clear rejection if the rules change midstream. By holding back SBI can launch a fully compliant ETF product.
Looking Ahead
This denial may have cooled the initial hype around the situation but from today’s press conference, we know for a fact that the ETFs are already in the planning stage and right now it is just a question of when instead of an if. Also, now that XRP-SEC saga has also come to an end, this will also help the company increase adoption of the digital asset. Paired with the Digital Gold Crypto ETF, these products have the potential to bridge traditional finance and digital assets, and when SBI finally files, it is bound to make waves.
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