Japanese conglomerate Rakuten Group attracted attention in the cryptocurrency sector after disclosure documents showed that it held a position in a U.S. spot XRP exchange-traded fund (ETF) managed by Bitwise Asset Management. Data in the company’s second quarter report confirmed the presence of Bitwise XRP ETF shares, but subsequent regulatory filings leave the status of this holding at the end of the third quarter unclear.
Rakuten’s reported XRP ETF holdings
Rakuten’s Q2 2026 disclosure listed 6,690 shares of the Bitwise XRP ETF, valued at $78,005 as of June 30, 2026. These figures were sourced from official SEC filings and industry database Disclosery. Both Rakuten Securities and Rakuten Investment Management, subsidiaries within the wider group, appeared as reporting managers for these assets.
Later, U.Today reported that Rakuten’s holding of the same ETF shares was worth $111,255 as of September 30. This figure referred to the end of the third quarter; however, the corresponding September 30 SEC filing available for review lists six security holdings worth a combined $930.3 million, without explicitly confirming if the XRP ETF stake was maintained. The absence of detailed holding breakdowns means Rakuten’s position in the ETF after June 30 remains unverified from public filings.
Rakuten’s Q2 report puts its exposure to the Bitwise XRP ETF at 6,690 shares, with a value of $78,005 by June 30, 2026. U.Today cited a later valuation of $111,255 for September 30, but this is not independently confirmed in Rakuten’s September SEC cover filing.
Other reported digital asset allocations in Rakuten’s portfolio included funds tracking Bitcoin, Ethereum, and Solana. At quarter-end, the total cryptocurrency ETF exposure stood at approximately $6.42 million, led primarily by BlackRock’s iShares Bitcoin Trust at around $5.9 million, followed by $263,600 in the iShares Ethereum Trust, and $150,700 in Bitwise’s Solana Staking ETF. Rakuten’s overall U.S. equities portfolio was reported at $1.4 billion.
Mini dictionary: Bitwise Asset Management is a U.S.-based crypto asset manager offering ETFs and index products focused on digital assets for institutional and retail investors. Its XRP ETF tracks the price of XRP by holding the token as its sole asset, allowing traditional investors to gain exposure without directly managing cryptocurrencies.
Institutional background and disclosures
Rakuten Group is a Japanese technology and financial services company spanning e-commerce, mobile networks, online banking, brokerage, and investment management. The group’s services support more than 100 million users in Japan and over 2 billion globally, according to industry estimates.
Under U.S. financial regulation, institutional managers with more than $100 million in exchange-listed securities must file quarterly Form 13F reports. These filings document asset holdings on the last day of each quarter but do not include the date of purchase or real-time updates. Rakuten’s XRP ETF investment accounted for about 0.01% of its full reported portfolio in Q2, based on estimates from FilingExplorer.
Ownership of ETF shares does not necessarily mean Rakuten holds XRP tokens directly. The ETF structure allows Rakuten to gain price exposure to XRP through a regulated investment vehicle, rather than storing or managing the digital asset itself. This distinction matters for both risk management and compliance purposes.
Other large financial institutions, including Goldman Sachs, Jane Street, and Millennium Management, also reported XRP ETF exposures in their regulatory filings for Q2, though these figures reflect holdings at the reporting date rather than ongoing or unhedged positions. Data shows Goldman Sachs had about $87.4 million in XRP funds, Jane Street held $16.6 million, and Millennium Management $16.2 million.
XRP ETF net flows and market context
Spot XRP ETFs have experienced notable market flows. Cumulative net inflows reached $1.79 billion as of November 13, according to U.Today, even after $10.42 million and $7.62 million in withdrawals were reported on November 9 and 10, respectively. These short-term outflows were followed by no reported net flows on November 11 and 12.
| Measure | Latest reported data | Date or period |
|---|---|---|
| XRP price | $1.02 | November 13, 2026, 17:13 UTC |
| XRP 7-day change | -14.24% | To November 13, 2026, 17:13 UTC |
| Spot XRP ETF net flows | -$10.42 million, then -$7.62 million | November 9 and 10 |
| Cumulative net inflows | $1.79 billion | As of November 13, 2026 |
CoinGecko listed XRP at $1.02 at 17:13 UTC on November 13, a decline of 14.24% over seven days and 0.18% in the previous 24 hours. Over the same day, Bitcoin traded at $68,740 and Ethereum at $1,930.22, both experiencing single-day losses. The Crypto Fear & Greed Index for November 13 was at 20, which signals a period of extreme caution in crypto markets. These figures offer context for recent price and fund flow activity but do not predict future market behavior.
Spot XRP ETF inflows have totaled $1.79 billion, with recent daily withdrawals recorded by SoSoValue on November 9 and 10. These snapshots give insight into institutional appetite but do not serve as forward-looking indicators.
Complete details for Rakuten’s September 30 portfolio—expected to clarify whether it still held the XRP ETF position or adjusted it—are not yet available. The Q2 position remains the most clearly documented for now, while the September 30 valuation of $111,255, as referenced by U.Today, awaits verification from detailed SEC reporting.
