PANews reported on August 8 that a representative of SBI Holdings clarified to Cointelegraph that the company has not yet submitted any ETF application related to crypto assets.

Earlier media reports said that SBI had submitted two ETF applications , including a dual ETF of gold and crypto assets and a dual ETF of Bitcoin and XRP, but its financial report did not clearly confirm this news.

SBI stated that the plan is still in its preliminary stages, and the application will be submitted after Japan's financial regulators complete legal revisions. Japan's Financial Services Agency (FSA) previously proposed including certain crypto assets under the Financial Instruments and Exchange Act (FIEA), but a specific timeline has yet to be determined. The application will be submitted by SBI Global Asset Management, a subsidiary of SBI Holdings, initially targeting individual investors with the goal of promoting the popularization of alternative investments.