In a significant move for the cryptocurrency investment landscape, Japan’s Rakuten Group has reported holdings in a spot XRP ETF to the U.S. Securities and Exchange Commission. As detailed in their latest 13F filing, the technology and financial conglomerate holds positions in funds tracking Bitcoin, Ethereum, and Solana as well. Collectively, these crypto ETF investments amounted to approximately $6.42 million as of September 30, 2026.
Rakuten’s Strategic XRP ETF Allocation
The filing reveals that Rakuten owns 6,690 shares in the Bitwise XRP ETF, valued at $111,255 at the end of the quarter. With XRP trading at $1.03 and Bitwise XRP ETF shares at $11.51 at the time of reporting, the current valuation of Rakuten’s XRP ETF holding estimates around $77,000, according to SoSoValue data.
Rakuten’s 13F filing highlights that alongside spot XRP ETFs, the company has diversified into Bitcoin, Ethereum, and Solana-focused funds.
Rakuten is not alone in delving into new spot XRP funds. SEC records show Raymond James Financial has also declared positions in these ETFs, indicating an institutional interest beyond individual investors.
Dominant Bitcoin Trust Holdings
Among Rakuten’s crypto ETF repertoire, the largest holding is in BlackRock’s iShares Bitcoin Trust ETF, with a stake worth $5,893,593 at the end of the third quarter. Additionally, Rakuten’s investments include $263,632 in the iShares Ethereum Trust ETF and $150,728 in the Bitwise Solana Staking ETF.
U.S. regulations mandate that institutional investors managing over $100 million in assets on U.S. exchanges disclose their portfolio holdings every quarter. Rakuten Group’s aggregate U.S. stock portfolio stands at roughly $1.4 billion, predominantly comprised of satellite operator AST SpaceMobile shares, while its crypto ETF investments constitute less than 0.5% of the entire portfolio.
Rakuten’s Influence and the ETF Market Outlook
As one of Japan’s largest tech enterprises, Rakuten boasts a market capitalization of approximately 1.4 trillion yen and annual revenues exceeding 2.5 trillion yen. Its vast ecosystem, including the Rakuten Ichiba e-commerce platform and Rakuten Mobile, serves over 100 million users in Japan and more than 2.1 billion globally.
Concurrently, the latest reports coincide with a phase of outflows in spot XRP ETFs. Data from SoSoValue indicates withdrawals of $10.42 million on November 9 and $7.62 million on November 10, with no net activity recorded on November 11 and 12.
The total net value of spot XRP ETFs was $1.51 billion on October 28, but recent figures show a reduction to $1.16 billion.
Despite this downturn, cumulative net inflows into spot XRP ETFs remain at $1.79 billion. These funds’ total net asset value equates to 1.77% of XRP’s market cap, with the Bitwise XRP ETF, the largest among five spot XRP products, holding a net asset value of $420.29 million.
