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Japanese tech and fintech conglomerate Rakuten Group is among the institutional holders of a U.S. spot XRP ETF, according to the company's latest 13F filing with the U.S. Securities and Exchange Commission (SEC). Rakuten also holds funds tracking Bitcoin, Ethereum and Solana, and these positions were worth roughly $6.42 million combined at the end of the quarter on Sept. 30, 2026.

The filing shows that Rakuten held 6,690 shares of the Bitwise XRP ETF worth $111,255. At press time, the price of XRP stands at $1.03, and the shares of the Bitwise fund trade at $11.51, according to SoSoValue, so the XRP ETF stake of Rakuten is now worth about $77,000.

Rakuten is not the only institutional investor in the new XRP funds, and Raymond James Financial has also disclosed positions in spot XRP ETFs, according to SEC filings.

The largest position of Rakuten is in BlackRock's spot Bitcoin fund, the iShares Bitcoin Trust ETF, and Rakuten held $5,893,593 worth of its shares at the end of the third quarter. Besides, Rakuten owns $263,632 of the iShares Ethereum Trust ETF and $150,728 of the Bitwise Solana Staking ETF.

Rakuten files 13F reports 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, no matter where it's based. Rakuten Group holds about $1.4 billion in U.S. equities, and most of that amount is in shares of satellite operator AST SpaceMobile. In this context, the crypto ETF positions account for less than 0.5% of the U.S. portfolio of Rakuten.

Rakuten is one of the largest tech companies in Japan. The market capitalization of Rakuten stands at about ¥1.4 trillion ($9 billion), and the annual revenue of the company is more than ¥2.5 trillion ($16 billion).

The Rakuten ecosystem spans more than 70 services, from the Rakuten Ichiba marketplace and carrier Rakuten Mobile to banks and brokerages. According to Rakuten, these services have more than 100 million users in Japan and more than 2.1 billion users worldwide.

The latest filing comes amid outflows from spot XRP ETFs. According to SoSoValue, the funds lost $10.42 million on Nov. 9 and another $7.62 million on Nov. 10, and there were no flows on Nov. 11 and Nov. 12. On Oct. 28, the total net assets of the funds stood at $1.51 billion.

Still, the cumulative net inflow of spot XRP ETFs stands at $1.79 billion, and the total net assets of the funds are $1.16 billion, or 1.77% of the market cap of XRP. Finally, the Bitwise XRP ETF is the largest of the five spot XRP funds, and its net assets stand at $420.29 million, according to SoSoValue.