Rakuten Group disclosed institutional holdings in U.S. spot XRP, Bitcoin, Ethereum, and Solana ETFs through its latest 13F filing with the U.S. Securities and Exchange Commission. The disclosure, covering the quarter ended Sept. 30, 2026, identifies the Japanese tech and fintech conglomerate as an institutional holder of a U.S. spot XRP ETF.
Portfolio Breakdown
The filing details specific positions across four digital asset exchange-traded funds. Rakuten’s largest crypto ETF position is in BlackRock’s iShares Bitcoin Trust ETF, valued at $5,893,593 at the end of the quarter. The company also holds iShares Ethereum Trust ETF shares worth $263,632 and Bitwise Solana Staking ETF shares valued at $150,728. Combined, these Bitcoin, Ethereum, and Solana ETF positions totaled $6.42 million.
Within the XRP category, Rakuten holds 6,690 shares of the Bitwise XRP ETF. At the end of the quarter, these shares were valued at $111,255. The Bitwise XRP ETF is the largest of the five spot XRP funds currently available, with net assets of $420.29 million. The filing does not specify other XRP ETF holdings for Rakuten.
Market Context and Flows
The disclosure comes amid recent volatility in spot XRP ETF flows. Data from SoSoValue indicates that spot XRP ETFs saw net outflows of $10.42 million on Nov. 9, 2026, followed by outflows of $7.62 million on Nov. 10, 2026. There were no reported flows on Nov. 11 and Nov. 12, 2026. As of Oct. 28, 2026, the total net assets of spot XRP ETFs stood at $1.51 billion. The cumulative net inflow for these funds has reached $1.79 billion, while current total net assets are reported at $1.16 billion, representing 1.77% of the XRP market capitalization.
At the time of reporting, the XRP price stood at $1.03, and the Bitwise XRP ETF share price was $11.51. Based on these figures, Rakuten’s current estimated XRP ETF stake is approximately $77,000. Raymond James Financial has also disclosed positions in spot XRP ETFs according to SEC filings, placing Rakuten among a growing list of institutional names in this asset class.
Scale of Holdings
U.S. regulations require institutional managers holding more than $100 million in U.S. exchange-listed securities to disclose their portfolios quarterly. Rakuten Group holds about $1.4 billion in U.S. equities, most of which are concentrated in shares of satellite operator AST SpaceMobile. The crypto ETF positions represent less than 0.5% of Rakuten’s total U.S. portfolio. The company, one of Japan’s largest tech firms, operates an ecosystem with more than 70 services, including the Rakuten Ichiba marketplace, Rakuten Mobile, and various banking and brokerage services. Rakuten serves more than 100 million users in Japan and more than 2.1 billion users worldwide, with a market capitalization of about ¥1.4 trillion ($9 billion) and annual revenue exceeding ¥2.5 trillion ($16 billion).
