SBI Group, one of Japan's largest financial conglomerates, is reportedly preparing to list a combined Bitcoin and XRP exchange-traded fund on the Tokyo Stock Exchange. The firm has set a staggering target — $32 billion in assets under management within three years of launch. The move comes as Japan's Financial Services Agency takes a harder look at crypto assets as legitimate financial instruments, and as decades of near-zero interest rates push retail investors toward alternatives like XRP.
Why Japan and XRP
Japan's interest rate environment has been stuck at near-zero or negative for years. That's driven everyday investors into riskier assets. Fiona Murray, Ripple's vice president for the Asia-Pacific region, said that in Japan and Korea, retail holders see XRP as a store of value. Low interest rates, she noted, push retail into alternative assets. XRP's near-instant settlement and low transaction fees also give it an edge over conventional bank transfers, which can be slow and costly. South Korea has seen a similar shift — sluggish local returns there have also sent retail money into digital assets.
The FSA's evolving stance
The FSA has been reviewing crypto assets more seriously, signaling a shift in regulatory tone. While the agency hasn't approved any crypto ETF yet, SBI's plan suggests the regulator may be open to a product that bundles two of the most liquid digital assets. The timing isn't accidental — Japan wants to remain competitive as other Asian markets, like Hong Kong and Singapore, move to attract crypto capital.
SBI hasn't filed a formal prospectus yet, but the report — first circulated by local media — indicates internal plans are advanced. The Tokyo Stock Exchange would need to approve the listing, and the FSA would have to greenlight the ETF structure. If approved, it would be the first combined Bitcoin and XRP ETF anywhere. SBI's $32 billion target is ambitious for a product that doesn't exist yet, but the firm already runs one of Asia's largest crypto exchanges and has deep ties to both Ripple and Japan's traditional finance sector.
