PANews reported on August 6th that, according to Beincrypto, SBI Holdings disclosed in its second-quarter earnings announcement that it had submitted applications to the Japanese Financial Services Agency for two crypto asset ETFs. One of the funds is a crypto asset ETF that will provide direct exposure to XRP and Bitcoin. The second fund is a digital gold crypto ETF that uses a hybrid approach combining gold-backed securities with digital currencies. Over 50% of the fund will be allocated to the gold ETF.

If the Japanese Financial Services Agency approves these ETFs, it will bring a major shift for the XRP ecosystem and the industry as a whole. This will officially give XRP regulatory recognition as an investment asset. Market analysts believe that SBI's move may prompt other financial institutions to launch similar products.