Rakuten Discloses Spot XRP ETF Stake in SEC Filing

Japanese Tech Giant Rakuten Discloses XRPXRP-0.17% ETF Holdings

Japanese technology and fintech conglomerate Rakuten Group has officially joined the list of institutional investors holding U.S. spot XRP ETFs.

According to the company's latest Form 13F filing with the U.S. Securities and Exchange Commission (SEC), Rakuten held 6,690 shares of the Bitwise XRP ETF at the end of the third quarter on September 30, 2026.

At the close of Q3, those 6,690 shares were valued at $111,255. Based on market data from SoSoValue, with XRP trading near $1.03 per token and Bitwise XRP ETF shares trading at $11.51, Rakuten's position is currently valued at roughly $77,000.

Inside Rakuten's $6.42 Million U.S. Crypto ETF Portfolio

The Bitwise XRP ETF is only one part of Rakuten's broader digital asset holdings in the United States.

By the end of Q3 on September 30, 2026, Rakuten held a combined $6.42 million across four separate crypto-tracking funds:

• iShares BitcoinBTC-3.73% Trust ETF (BlackRock): $5,893,593 (Rakuten's largest single crypto allocation)
• iShares EthereumETH-3.37% Trust ETF: $263,632
• Bitwise SolanaSOL-1.84% Staking ETF: $150,728
• Bitwise XRP ETF: $111,255 (value at end of Q3)

As the figures show, Bitcoin represents the overwhelming majority of Rakuten's crypto ETF portfolio, making up over 91% of its total fund allocations.

Why Does a Japanese Company File 13F Reports with the SEC?

You might wonder why a Tokyo-based company submits portfolio disclosures to an American regulator.

Under SEC rules, any institutional investment manager controlling $100 million or more in U.S. exchange-listed securities must submit a quarterly 13F filing. This rule applies regardless of where the entity is headquartered.

Rakuten Group holds approximately $1.4 billion in U.S. equities. The vast majority of those funds are invested in AST SpaceMobile, a satellite mobile network operator.

When compared against its entire $1.4 billion U.S. equity portfolio, Rakuten's $6.42 million crypto ETF total makes up less than 0.5% of its U.S. holdings.

Who Is Rakuten Group?

To understand the context of this allocation, it helps to look at Rakuten's footprint in Japan and globally.

Rakuten is one of Japan's largest technology conglomerates. The company carries a market capitalization of around ¥1.4 trillion ($9 billion) and generates over ¥2.5 trillion ($16 billion) in annual revenue.

Often described as the Amazon of Japan, the Rakuten ecosystem features more than 70 services:

• Rakuten Ichiba: A major online shopping marketplace
• Rakuten Mobile: A mobile network operator across Japan
• Financial Services: Digital banking and stock brokerages
• Global Platforms: Digital media, messaging, and loyalty point programs

Company data shows Rakuten serves over 100 million members in Japan and more than 2.1 billion users worldwide.

Institutional Adoption and the Broader Spot XRP ETF Landscape

Rakuten is not alone in adding XRP funds to its balance sheet. Financial services firm Raymond James Financial also disclosed spot XRP ETF positions in recent SEC filings.

While institutional interest is visible in regulatory reports, actual fund flows continue to fluctuate depending on market conditions.

According to tracking metrics from SoSoValue, spot XRP ETFs recently experienced a brief string of net capital outflows:

• November 9, 2026: Net outflows of $10.42 million
• November 10, 2026: Net outflows of $7.62 million
• November 11 and 12, 2026: Zero net flows recorded

Despite these short-term movements, cumulative net inflows for U.S. spot XRP ETFs stand at $1.79 billion. Total net assets reached $1.51 billion on October 28, 2026, before settling at $1.16 billion—which represents 1.77% of XRP's overall market cap.

Among the five available spot XRP products, the Bitwise XRP ETF holds the largest position with $420.29 million in net assets.

Evaluating Institutional Signals in Crypto

When major corporate players reveal crypto ETF holdings, retail traders often view it as a positive sign of market maturity.

However, allocations under 0.5% show that institutions manage crypto assets as small, experimental pieces of much larger cash management strategies.

Past performance of digital assets or historical operational results of financial products do not guarantee future returns or operational performance.

Capital can flow out of ETFs just as quickly as it flows in during volatile market cycles. Investors should examine their own goals and risk appetite before making financial decisions.