Rakuten's 13F shows Bitwise XRP ETF stake in $6.42M crypto ETF portfolio
In brief
- Rakuten's 13F listed 6,690 Bitwise XRP ETF shares worth $111,255 as of Sept. 30.
- Rakuten's Bitcoin, Ethereum, Solana and XRP ETF positions totaled about $6.42 million combined.
- BlackRock's iShares Bitcoin Trust was the largest crypto ETF holding, at $5,893,593.
- Crypto ETFs made up under 0.5% of Rakuten's roughly $1.4 billion U.S. equity portfolio.
What's in the filing
Bitcoin makes up almost all of it. Rakuten's largest crypto ETF position was BlackRock's iShares Bitcoin Trust ETF, with $5,893,593 of shares at the end of Q3. It also held $263,632 of the iShares Ethereum Trust ETF and $150,728 of the Bitwise Solana Staking ETF, which makes XRP the smallest of the four positions.
These are snapshots, not live holdings. U.S. rules require any institutional manager holding more than $100 million in U.S. exchange-listed securities to disclose its portfolio every quarter (regardless of where it's based), so the numbers show what Rakuten held on Sept. 30 and don't tell you what it owns today. U.Today did its own math on the current value: with XRP at $1.03 and Bitwise XRP ETF shares at $11.51 at press time (per SoSoValue), it put the stake at about $77,000.
A small position for Rakuten
Size matters here. Rakuten Group holds about $1.4 billion in U.S. equities, mostly AST SpaceMobile shares, according to U.Today's reading of its SEC filings. The crypto ETF positions account for less than 0.5% of that U.S. portfolio.
The filing doesn't make XRP a strategic bet for Rakuten.
Rakuten does have reach, though. Its ecosystem spans more than 70 services, from the Rakuten Ichiba marketplace and Rakuten Mobile to banks and brokerages, and the company says those services have more than 100 million users in Japan and more than 2.1 billion worldwide. It isn't the only institution in these funds, either: Raymond James Financial has also disclosed positions in spot XRP ETFs, according to SEC filings cited by U.Today.
Spot XRP ETF flows
What about the funds themselves? Spot XRP ETFs lost $10.42 million on Nov. 9 and another $7.62 million on Nov. 10, with no flows on Nov. 11 or Nov. 12, according to SoSoValue data cited by U.Today.
Total net assets stood at $1.51 billion on Oct. 28. The latest SoSoValue figures U.Today cited put them at $1.16 billion (about 1.77% of XRP's market cap), against cumulative net inflows of $1.79 billion. The Bitwise XRP ETF is the largest of the five spot XRP funds, with $420.29 million in net assets.
Frequently asked questions
Why does a Japanese company like Rakuten file a 13F with the SEC?
U.S. rules require any institutional manager holding more than $100 million in U.S. exchange-listed securities to disclose its portfolio every quarter, wherever it's based. Rakuten Group holds about $1.4 billion in U.S. equities, mostly AST SpaceMobile shares, according to U.Today's reading of its SEC filings.
How big is Rakuten's XRP ETF position?
Rakuten's 13F showed 6,690 shares of the Bitwise XRP ETF worth $111,255 as of Sept. 30, 2026, as reported by U.Today. Its crypto ETF positions totaled about $6.42 million combined, which was less than 0.5% of Rakuten's U.S. portfolio.
