Key facts
- SBI Holdings maintains a $41.2 billion stake in Ripple.
- The value of SBI's Ripple stake is ¥6.6 trillion.
- SBI's crypto asset business reported a ¥1.4 billion pre-tax loss.
- SBI's overall revenue for the first quarter was ¥571.0 billion.
- SBI plans to acquire Bitbank to expand its cryptocurrency accounts.
SBI Holdings has reaffirmed its substantial investment in Ripple, stating its stake is valued at ¥6.6 trillion ($41.2 billion) despite a recent slump in XRP's price. The company disclosed this during its first-quarter earnings call, noting that while the cryptocurrency business is sluggish, the value of its Ripple shareholding remains significant.
During the call, SBI acknowledged that its crypto asset business posted a pre-tax loss of ¥1.4 billion. However, the global crypto market maker B2C2, also part of the SBI Group, was profitable. The firm is actively building its digital asset presence, having introduced crypto lending and support services via its JPYSC stablecoin through SBI VC Trade. SBI is also pursuing the acquisition of Bitbank, aiming to increase its cryptocurrency accounts to approximately 3 million and assets under custody to ¥870 billion.
The remarks regarding Ripple come amidst deliberations in the U.S. Senate on the CLARITY Act. Senator Cynthia Lummis expressed optimism that a vote on the bill could occur before the August recess, with Senate Majority Leader John Thune reportedly keeping a place for it on the agenda.
SBI Holdings reported its most successful first quarter to date, with revenue growing to ¥571.0 billion and profit before tax rising to ¥225.8 billion. Net profit attributable to shareholders reached ¥148.1 billion, a 149.9% increase year-over-year, with an ROI on equity of 29%.