13F-HR: Rakuten Group Discloses $1.53B Holdings, Heavy on AST SpaceMobile

Rakuten Group, Inc. filed its Q3 2025 13F-HR, revealing over $1.53 billion in holdings, predominantly in AST SpaceMobile Inc., alongside significant cryptocurrency ETFs.

Summary

• Rakuten Group, Inc. reported total holdings valued at $1,531,294,967 as of September 30, 2025.
• The report is a 13F Combination Report, indicating that a portion of holdings are reported by Rakuten Group, Inc. and a portion by other managers.
• Key holdings include 31,020,155 shares of AST SpaceMobile Inc. Class A Common Stock, valued at $1,522,469,207.
• The company also holds 109,918 shares of iShares Bitcoin Trust ETF, valued at $7,144,670.
• Additionally, 53,351 shares of iShares Ethereum Trust are held, valued at $1,681,090.
• Rakuten Mobile, Inc. is listed as an included manager for whom this report is filed.

Sentiment

Score: 6

Explanation: The sentiment is moderately positive due to the significant investment in a high-growth potential company (AST SpaceMobile) and diversification into digital assets. However, the high concentration risk and exposure to volatile assets temper the overall sentiment.

Positives

• Significant investment in AST SpaceMobile Inc. ($1.52 billion), indicating strong conviction in the company's future in satellite-based broadband communication.
• Diversification into cryptocurrency ETFs (Bitcoin and Ethereum), potentially capturing growth in the digital asset space.
• Clear disclosure of holdings as required by SEC regulations, enhancing transparency for investors.

Negatives

• High concentration risk with AST SpaceMobile Inc. representing over 99% of the reported portfolio value, making the portfolio highly susceptible to fluctuations in that company's stock price.
• Exposure to volatile assets like cryptocurrency ETFs introduces additional market risk to the portfolio.

Risks

• Concentration Risk: Over 99% of the reported portfolio value is concentrated in a single equity, AST SpaceMobile Inc., making the portfolio highly susceptible to fluctuations in that company's stock price.
• Market Volatility Risk: Holdings in iShares Bitcoin Trust ETF and iShares Ethereum Trust expose the portfolio to the inherent volatility and regulatory uncertainties of the cryptocurrency market.
• Specific Company Risk: The performance of the overall portfolio is heavily dependent on the operational and financial success of AST SpaceMobile Inc.

Future Outlook

The filing is a snapshot of past holdings and does not contain explicit forward-looking statements or guidance from Rakuten Group, Inc. regarding its future investment strategy or performance.

Management Comments

• Kenji Hirose, Director and Group Executive Vice President, represented that the person signing the report is authorized to submit it, and that all information contained therein is true, correct, and complete.

Industry Context

Rakuten Group's significant investment in AST SpaceMobile Inc. highlights a strategic interest in the satellite-based broadband communication sector, a rapidly evolving area with potential for global connectivity. The inclusion of Bitcoin and Ethereum ETFs reflects a broader institutional trend towards incorporating digital assets into diversified portfolios, acknowledging the growing legitimacy and potential returns in the cryptocurrency market, despite its inherent volatility.

Comparison to Industry Standards

• The high concentration in AST SpaceMobile Inc. (over 99% of reported value) is atypical for a broadly diversified institutional investment portfolio, which usually aims for lower single-stock exposure to mitigate risk.
• The inclusion of cryptocurrency ETFs aligns with a growing trend among some forward-thinking institutional investors and hedge funds, though the specific allocation size relative to the overall portfolio would need to be compared against peers to assess its aggressiveness.
• Compared to traditional diversified funds, this portfolio exhibits a higher risk profile due to its concentrated bet on a single growth-oriented technology company and exposure to volatile digital assets.

Stakeholder Impact

• Shareholders: Provides transparency into Rakuten Group's investment strategy and significant holdings, which could influence their perception of the company's risk appetite and growth potential.
• Investment Community: Offers insights into Rakuten Group's conviction in specific companies and asset classes, potentially influencing market sentiment for AST SpaceMobile and the mentioned ETFs.

Next Steps

• The filing does not explicitly mention future actions or milestones for Rakuten Group, Inc. beyond the regular reporting requirements.

Key Dates

Recommendation

The filing reveals a highly concentrated portfolio with a significant bet on AST SpaceMobile Inc., alongside smaller positions in cryptocurrency ETFs. While this strategy offers high upside potential if AST SpaceMobile performs well, it also carries substantial concentration risk. For a seasoned investor, this disclosure provides transparency into Rakuten's strategic investments. A 'hold' recommendation is appropriate as the filing primarily details past investment decisions rather than new performance metrics or strategic shifts that would warrant an immediate 'buy' or 'sell' action. Investors should monitor the performance of AST SpaceMobile and the broader crypto market, as these holdings will heavily influence Rakuten's investment portfolio value.

Keywords

Rakuten Group, 13F-HR, Holdings, AST SpaceMobile, Bitcoin ETF, Ethereum Trust, Cryptocurrency, Investment Portfolio, SEC Filing, Institutional Investor, Rakuten Mobile