SBI Holdings Denies Filing for Crypto ETF Applications, Confirms Plans Still in Preparation

Japanese financial giant SBI Holdings has rejected recent media reports claiming it has filed applications for cryptocurrency-related exchange-traded funds (ETFs). The company clarified that, while it is exploring such products, the initiative is still in the planning stage and no official filings have been submitted.

SBI Clarifies Amid Media Speculation

Earlier this week, several outlets reported that SBI had lodged applications for two ETFs — one combining gold and cryptocurrencies, and another featuring Bitcoin and XRP. These reports cited the company’s latest earnings presentation. However, the document did not explicitly state that any filings had occurred.

In a statement issued on Friday, an SBI representative said, “Contrary to some media reports, we have not filed any applications with the authority to form an ETF related to crypto assets. It is only at the planning stage.” The spokesperson added that any formal application will depend on regulatory developments in Japan.

Regulatory Framework Still Evolving in Japan

The Financial Services Agency (FSA), Japan’s primary financial regulator, proposed on June 24 that certain crypto assets be recognized as financial products under the Financial Instruments and Exchange Act (FIEA). This change would allow them to be treated similarly to traditional securities, potentially opening the door for crypto-based ETFs.

“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,” the SBI representative explained. “Therefore, the filing will be done after these legal revisions have been made.”

The company also confirmed there is currently no timeline for when such applications will be submitted, as regulatory guidelines are still being shaped. It said that when the process moves forward, SBI Global Asset Management, its asset management arm, will handle the filings.

Looking ahead, SBI intends to make these ETFs available first to retail investors, in line with its broader goal of expanding access to alternative investment products. “We advocate for and promote the democratization of alternative investments,” the spokesperson added.

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