SBI Holdings has denied reports of filing a Bitcoin-XRP dual crypto ETF, stating that the proposal is still in the planning stage with no formal application submitted.
Japan-based corporate giant and top Ripple partner, SBI Holdings, has rejected the latest media reports of filing a Bitcoin-XRP dual crypto exchange-traded fund (ETF). Earlier this week, media reports showed SBI filing an ETF application for two products. This includes a dual gold and crypto ETF, as well as a dual Bitcoin and XRP ETF.
SBI Holdings Bitcoin-XRP Dual ETF in Planning Stage
The earlier reports referenced the company’s earnings release, however, the filing did not explicitly confirm whether any applications had been submitted. One of the SBI representatives stated that this is still in the planning stage.
“Contrary to some media reports, we have not filed any applications with the authority to form an ETF related to crypto assets,” the representative said.
On the other hand, SBI Holdings is waiting for a regulatory update for the crypto space. In June, Japan’s Financial Services Agency (FSA) proposed classifying certain crypto assets as financial products under the Financial Instruments and Exchange Act (FIEA), which governs traditional securities and financial instruments.
As regulatory discussions continue, the SBI representative said that ETF filings will be submitted at a later stage. He added:
“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.”
Is Japan Late to the Crypto ETF Space?
It’s nearly 18 months since the United States approved the first crypto ETF for Bitcoin BTC $87 657 24h volatility: 0.5% Market cap: $1.75 T Vol. 24h: $47.08 B , which has seen record inflows in a very short period. Despite Japan being a crypto-friendly nation for a long period, it has yet to see the first crypto ETF come to life.
The representative noted that due to the existing regulatory environment, a specific timeline for submitting crypto ETF applications has not been established. However, the company confirmed that the application will be submitted by SBI Global Asset Management, a subsidiary of SBI Holdings.
When asked whether the ETFs would be aimed at retail or institutional investors, the representative said the firm intends to target individual investors initially. The company “advocates for and promotes the democratization of alternative investments,” the representative added.
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