SBI Holdings, one of Japan’s largest financial groups, has submitted applications to the country’s Financial Services Agency to list two exchange-traded funds that invest directly in digital assets, according to filings dated 6 August. The proposed Crypto Asset ETF would hold Bitcoin and XRP, while a separate Digital Gold Crypto ETF would combine physical gold exposure with cryptocurrencies. If approved, the products would be among the first spot crypto ETFs in Japan and the first to be launched by a major domestic bank. The initiative underscores growing institutional demand in Asia for regulated crypto investment vehicles and could broaden retail access to digital assets in Japan, which currently permits crypto-linked notes but not spot ETFs. Regulatory review timelines were not disclosed.