Could Japan Get an XRP ETF Before the US?

Social media rumors of a Japanese XRP ETF have taken the crypto community by storm after a new report from SBI Holdings. Citing regulatory progress, the firm sketched out theoretical plans for new crypto ETFs.

However, the firm isn’t going to make an official move until the legal situation improves. Nonetheless, SBI Holdings has a well-documented history of interest in XRP. If anyone’s going to lead the ETF race in Japan, it’s a great candidate.

New XRP ETF Rumors

One topic that persistently attracts attention in crypto is the XRP ETF. This product began trading in Brazil in April and went live in Canada in June, but US regulators keep dragging their feet.

Thanks to recent developments, social media rumors suggest that Japan will be the next country to launch this product.

So, why is this? SBI Holdings, a Japanese financial conglomerate, recently posted its Q2 2025 Financial Results. Among many topics, it referenced potential regulatory developments in the country, which could enable the firm to create new token-based ETFs.

One of its ETF proposals focused on indirect crypto exposure, while the other included XRP:

SBI Holdings’ ETF Proposals. Source: SBI

Is the Hype Credible?

There’s certainly a bullish case for why SBI could establish an XRP ETF.

For one thing, the firm has an established history with Ripple, as it’s currently one of the largest users of XRP on Ripple’s Global Payments Network. Moreover, it even allows customers to acquire XRP using credit card points.

However, social media rumors implied or erroneously claimed that SBI’s XRP ETF application was already in progress. Unfortunately, that’s an exaggeration.

At least Japan is actually getting serious about crypto regulation; one of its top financial regulators recently began operating a Working Group on Web3 policy. This signal encouraged SBI to prepare these hypothetical products.

Nonetheless, SBI won’t make a move until it gets more clarity from the authorities. Furthermore, this advertised product isn’t actually an XRP ETF. It’d be a basket product, combining XRP with several other leading tokens.

The US, as a matter of fact, already approved such a product, although it faces a few setbacks before market access.

Still, SBI has a definite history of partnership with Ripple and interest in XRP. If anybody in Japan is going to launch an XRP ETF, they’re a strong candidate.

For now, however, it’ll have to wait for regulatory approval, just like XRP fans in most jurisdictions worldwide.