Rakuten's 13F Filing Reveals $111,255 Bitwise XRP ETF Stake

Inside Rakuten's Crypto ETF Book

Japanese technology and finance group Rakuten has disclosed a position in a spot XRP exchange-traded fund traded in the United States, according to its quarterly 13F filing with the U.S. Securities and Exchange Commission (SEC). The position sits inside a crypto ETF portfolio the group valued at roughly $6.42 million at the end of the third quarter on Sept. 30, 2026. The filing lists 6,690 shares of the Bitwise XRP ETF, carried at $111,255 on that date. With the XRP price near $1.02 and down about 0.8% over the past day, that stake is now worth approximately $77,000. The XRP line is the smallest of Rakuten's four crypto ETF positions, which together cover funds tracking Bitcoin, Ethereum and Solana as well. Its biggest line is a fund tracking Bitcoin: BlackRock's iShares Bitcoin Trust ETF, in which the group carried $5,893,593 at quarter end. Two smaller positions complete the book: $263,632 in the iShares Ethereum Trust ETF and $150,728 in the Bitwise Solana Staking ETF.

A 13F is the quarterly portfolio disclosure that U.S. rules demand from any institutional manager holding more than $100 million in U.S. exchange-listed securities, wherever the firm is based. Rakuten's broader U.S. equity book amounts to about $1.4 billion, most of it concentrated in shares of satellite operator AST SpaceMobile, so the crypto ETF sleeve accounts for less than 0.5% of the group's American holdings. Because the disclosed positions are dated Sept. 30, they predate the redemption wave that hit the XRP fund complex this month, examined below.

Redemptions Totaled $18.04 Million

Rakuten is not the only institutional name in the new XRP vehicles: SEC records show Raymond James Financial has also disclosed positions in the spot XRP ETFs. Their arrival in the shareholder base comes against a rough stretch for the fund complex itself. The five spot XRP ETFs lost a combined $10.42 million on Nov. 9 and another $7.62 million on Nov. 10, and recorded no net flows on Nov. 11 or Nov. 12. That pause broke the two-day redemption streak without reversing it. Total net assets peaked at $1.51 billion on Oct. 28 and have since settled at $1.16 billion, even though cumulative net inflows since launch still stand at $1.79 billion. That asset base equals about 1.77% of XRP's market capitalization. Bitwise operates the largest of the five funds, with net assets of $420.29 million.

Rakuten itself is one of Japan's largest technology companies, with a market capitalization near ¥1.4 trillion, about $9 billion, and annual revenue above ¥2.5 trillion, roughly $16 billion. Its ecosystem spans more than 70 services, from the Rakuten Ichiba marketplace and Rakuten Mobile to banking and brokerage operations, serving more than 100 million users in Japan and more than 2.1 billion worldwide. Confidence in the asset is not lacking among Japanese financial executives: SBI CEO Yoshitaka Kitao answered yes when asked directly whether he still trusts XRP. Still, the flow picture is the harder test, and redemptions have hit individual products too, with Grayscale's XRP fund posting a $7.2 million single-day outflow on Tuesday.

Our composite scoring of support and resistance levels frames the market after the filing: the strongest barrier overhead sits at $1.0541 with a score of 79 out of 100, while the nearest support below, $0.9678, rates 47 out of 100. Spot traded at $1.0167 when this was written, between the two, with the daily RSI at 20.88 inside a downtrend. Positioning leans long despite the slide: funding on perpetual contract trading stands at 0.0025%, and the long/short account ratio reads 3.73, meaning 78.9% of accounts hold the long side. The crypto fear and greed index at 20 out of 100, deep in extreme fear, matches that tension. Concentration stays with Bitwise: its fund holds $420.29 million of the complex's $1.16 billion in net assets, so its flows will decide whether the $0.9678 shelf is tested.