SBI is forming a "Bitcoin/XRP ETF" and aims to handle Ripple's stablecoin "RLUSD" within the year: Q1 earnings report | CoinDesk JAPAN

SBI is moving towards the formation of an ETF (Exchange-Traded Fund) that incorporates Bitcoin (BTC) and XRP. Additionally, Ripple is considering the handling of the stablecoin "RLUSD" within the year, as well as a yen-denominated stablecoin.

SBI Holdings held a financial results briefing for the first quarter of the fiscal year ending March 2026 on July 31. Revenue (sales) was 443.189 billion yen, an increase of 34.1% from 330.541 billion yen in the same period last year, marking the highest ever for the first quarter compared to past first quarters. Pre-tax profit and quarterly profit attributable to the parent company's owners also set new records.

By segment, the financial services business and PE investment business achieved record high revenues (sales) and pre-tax profits compared to previous first quarters, but the cryptocurrency business saw revenues (sales) decrease by 40.6%, from 18.63 billion yen in the same period last year to 11.06 billion yen, with a pre-tax loss of 531 million yen (compared to a profit of 1.357 billion yen in the same period last year).

However, the number of accounts at its subsidiary cryptocurrency exchanges (SBI VC Trade, BITPOINT) is increasing, reaching 1.706 million accounts by the end of June 2025, a 91.9% increase from 889,000 accounts a year earlier. The presentation materials for the financial report state, "We aim to become Japan's number one cryptocurrency exchange operator by achieving further account growth through synergies with securities and banking."

"SBI Bitcoin/XRP ETF" Formation

The focus is on the planned creation of a cryptocurrency ETF that includes assets such as Bitcoin and XRP in the asset management business. The document mentioned the name "SBI-Bitcoin/XRP ETF."

At the financial results briefing for the fiscal year ending March 2025 held in May, it was already mentioned that "we are preparing an investment trust that incorporates crypto assets," and this time that investment trust is referred to as <Product Proposal 1>, with the addition of a crypto asset ETF as <Product 2>.

As reported by CoinDesk JAPAN, the Financial Services Agency is advancing the "examination of the system regarding cryptocurrencies," which includes shifting the categorization of crypto assets from "payment methods" to "financial products."

On the same day, July 31, the first meeting of the "Working Group (WG) on the Cryptocurrency Asset System" established under the Financial Council was held.

Related articles: The Financial Services Agency's "Cryptocurrency Asset System WG" held its first meeting, entering into serious discussions on topics such as the transition of the Financial Instruments and Exchange Act──with the Bitcoin treasury business also on the agenda.

Following the discussions at the WG, a report is expected to be compiled by the end of the year, with the possibility of deliberations in the regular session of the Diet as early as next year. If cryptocurrencies are classified as financial products, the hurdles for the establishment of cryptocurrency ETFs will also be lowered.

Two types of stablecoins: USD-denominated and JPY-denominated

In the cryptocurrency business, it is stated that "we are actively promoting business development centered around stablecoins," and particularly, "the SBI Group aims to develop its business with two types of stablecoins, the dollar-based and the yen-based."

As a dollar-denominated stablecoin, SBI VC Trade has acquired the first electronic payment means handling business in Japan. They have already started handling USDC issued by the American company Circle.

Related Article: SBI VC Trade to Launch Service for Stablecoin "USDC" on March 12 - Electronic Payment Method Trading Business Operator Obtains First License

The presentation materials state that "the handling of RLUSD issued by Ripple is also aimed to start within this fiscal year."

In addition, regarding yen-denominated stablecoins, it is stated that "in the future, we are considering providing various financial services centered around stablecoins by connecting with the securities and banking functions of the SBI Group."

As domestic yen-based stablecoins are expected to debut this fiscal year, SBI's launch of RLUSD in addition to USDC, along with its plans for further development of yen-based stablecoin businesses, is likely to provide significant momentum not only for the adoption of stablecoins but also for the mass adoption of Web3.