SBI States When XRP’s True Value Will Be Revealed

SBI Holdings has reaffirmed that material gains from its 9% equity stake in Ripple are expected to be realized only when Ripple’s valuation becomes publicly defined through an event such as an IPO or an equivalent market disclosure.

This point was presented in the latest SBI Group results materials, shared and examined by crypto researcher SMQKE. The documents emphasize that Ripple’s valuation remains off-book in certain segments of SBI’s reporting until a definitive corporate valuation is clarified.

Ripple’s Business Activities and RLUSD Development

The presentation reiterates Ripple’s role in international payments, including the use of XRP within remittance corridors and financial institutions that have adopted the solution across multiple regions. SBI highlights previous collaborative developments, such as SBI Ripple Asia and the introduction of domestic remittance services in Japan using XRP in 2021.

The materials also reference RLUSD, a U.S. dollar-backed stablecoin issued under a trust license. SBI indicates that RLUSD is intended to be used as collateral and within various financial applications, including integrations under discussion with SBI VC Trade.

The presentation includes a chart of XRP’s price increase over the past year. However, SBI clarifies that the unrealized valuation of the Ripple stake, which includes XRP held in escrow by Ripple Labs Inc., will not be recognized in current financial statements until an IPO or other formal valuation event occurs.

Reactions from Commentators

Responses to SMQKE’s post reflect differing viewpoints regarding the prospect of Ripple pursuing a public listing. One user, Evolve Religion, argues that Ripple does not require an IPO and that remaining private would allow the company to maintain tighter control without external shareholder influence.

Another user, Art Work, noted that XRP was not created by Ripple and referenced past comments from leadership indicating that Ripple did not need to pursue a public listing.

Context on IPO Statements

While speculation around a Ripple IPO has circulated for several years, it remains a subject of public interest. In a Times Tabloid report dated April 19, 2025, Ripple CEO Brad Garlinghouse stated at the CfC St. Moritz conference that Ripple has no plans to pursue an IPO in 2025. His remarks align with previous messaging that the company is not dependent on public-market fundraising to support its operations or strategic activities.

SBI’s presentation reinforces the position that the financial impact of its Ripple stake may remain understated until Ripple undergoes a valuation-defining event. The documents, however, do not confirm that such an event is planned.