SBI Eyes Tokyo Listing for Bitcoin-XRP ETF, Targets $32B in AUM Within Three Years

SBI Group is working on a combined Bitcoin and XRP exchange-traded fund for listing on the Tokyo Stock Exchange, with an ambition to reach as much as $32 billion in assets under management within three years of launch, according to reports. Japan's Financial Services Agency is also said to be re-evaluating crypto assets as formal financial instruments, signaling a shift in how major Asian banks and brokerages view digital assets: increasingly as institutional-grade products rather than speculative sidelines. Why Asia matters for XRP XRP's traction in Japan and South Korea is closely tied to the region's rate backdrop. Years of near-zero or negative interest rates in Japan left savers with limited returns on deposits, pushing many retail investors toward higher-yield, higher-risk alternatives$—first retail FX trading, and more recently, digital assets. South Korea has seen a similar dynamic, as modest domestic returns encouraged households to seek yield beyond traditional markets. Institutional ties and mainstream appeal SBI Holdings, one of Japan's largest financial groups and a long-time supporter of XRP, has helped place the token at the intersection of mainstream finance and the crypto market. For both retail and institutional investors, that association adds an element of credibility$—not fully conventional, but not merely speculative. Ripple's Asia-Pacific vice president, Fiona Murray, has cited this history in explaining XRP's regional popularity, saying that in markets such as Japan and Korea, retail holders often treat XRP as a store of value in prolonged low-return environments. What XRP offers Beyond perception and partnerships, XRP's appeal also rests on practical features: near-instant settlement and low transaction fees. Those attributes address common frustrations with slow, costly bank transfers and support payment and cross-border transfer use cases, keeping the token relevant to both retail traders and financial firms testing crypto-based utilities. What it could mean A Bitcoin-XRP ETF on the Tokyo Stock Exchange backed by a major financial group would mark a meaningful step toward broader crypto adoption in Asia. If SBI's $32 billion AUM target proves achievable, it would underscore strong demand from both retail and institutional investors and could intensify regulatory engagement across the region, particularly as Japan's FSA considers classifying crypto as financial instruments. The initiative also reflects a wider trend: Asian financial institutions and regulators moving gradually from caution toward more active participation in digital assets, reshaping how crypto is integrated into traditional markets.