SBI Says Its Ripple Stake Is Worth $41.2 Billion Even as Crypto Business Slows

By Lidia Yadlos

SBI Says Its Ripple Stake Is Worth $41.2 Billion Even as Crypto Business Slows

SBI Holdings used its latest earnings report to spotlight one asset above all others: Ripple.

Japan's financial giant said its shareholding in the blockchain payments company is now worth ¥6.6 trillion ($41.2 billion), even as it described its own cryptocurrency business as sluggish while the industry waits for greater regulatory clarity in the United States.

The contrast is striking. SBI's crypto asset business posted a ¥1.4 billion pre-tax loss during the quarter, yet Ripple remains one of the group's most valuable strategic investments.

The company has backed Ripple since 2016 and owns approximately9% of the private fintech, making it the largest outside shareholder.

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Ripple Remains at the Center of SBI's Crypto Strategy

SBI's relationship with Ripple extends well beyond an equity investment. The companies jointly operate SBI Ripple Asia, while SBI Remit already uses XRP-powered payment infrastructure for cross-border transfers in Japan.

SBI is also preparing to distribute Ripple's RLUSD stablecoin through SBI VC Trade, expanding a partnership that now spans payments, stablecoins and digital asset infrastructure.

During its investor presentation, SBI also highlighted Ripple's broader business. Ripple Payments now serves more than 100 financial institutions across 55 countries, while RLUSD is expected to play a larger role following Ripple's acquisition of prime broker Hidden Road.

Record Earnings Despite Weak Crypto Trading

SBI reported its strongest first quarter on record. Revenue climbed to ¥571 billion, while profit before tax reached ¥225.8 billion.

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For SBI, however, the long-term strategy appears unchanged. By highlighting the value of its Ripple stake during earnings, the company signaled that it still sees Ripple as a cornerstone of its digital asset business.

Whether the $41.2 billion valuation ultimately proves justified will depend on Ripple's ability to translate private-market confidence into sustained commercial growth and, eventually, a public benchmark investors can measure for themselves.

Published on Blockster

SBI Says Its Ripple Stake Is Worth $41.2 Billion Even as Crypto Business Slows