SBI Holdings Submits Two Crypto ETF Applications in Japan, One of Which Focuses on XRP and Bitcoin

PANews reported on August 6th that, according to Beincrypto, SBI Holdings disclosed in its second-quarter earnings announcement that it had submitted applications to the Japanese Financial Services Agency for two crypto asset ETFs. One of the funds is a crypto asset ETF that will provide direct exposure to XRP and Bitcoin. The second fund is a digital gold crypto ETF that uses a hybrid approach combining gold-backed securities with digital currencies. Over 50% of the fund will be allocated to the gold ETF.

If the Japanese Financial Services Agency approves these ETFs, it will bring a major shift for the XRP ecosystem and the industry as a whole. This will officially give XRP regulatory recognition as an investment asset. Market analysts believe that SBI's move may prompt other financial institutions to launch similar products.