Recent media reports suggested that SBI Holdings had filed for two ETFs related to cryptocurrencies. However, the company denied these claims.
ETF Applications and SBI's Response
Several outlets this week suggested that SBI Holdings filed for two ETF products—one pairing gold with cryptocurrencies and another combining Bitcoin and XRP. However, a spokesperson for SBI stated, "Contrary to some media reports, we have not filed any applications with the authority to form an ETF related to crypto assets." They added that the idea is still in the planning stage.
Updates from Japan's Financial Regulators
Japan’s Financial Services Agency is currently reviewing a proposal to classify certain digital assets as financial products under the Financial Instruments and Exchange Act. SBI stated that its ETF filings will only proceed after the necessary legal updates are made to ensure compliance with both financial and tax regulations.
Future Plans of the Company
The company has not set a timeline for submission but confirmed that any future application would be handled by its subsidiary, SBI Global Asset Management. The initial rollout is expected to target individual investors, with the firm positioning the products as a step towards "democratizing alternative investments." For now, SBI states that all public details of the initiative are limited to what has been disclosed in its latest earnings presentation.
SBI Holdings emphasizes its intention to comply with regulatory requirements as it develops products in anticipation of future changes in the cryptocurrency market.
