SBI Holdings Marks Its Ripple Equity Stake at $45B, a Private-Market Signal for XRP Bulls
SBI Holdings disclosed its Ripple stake is now valued at roughly 6.6 trillion yen ($45B), the clearest public read yet on Ripple's private valuation.
SBI Holdings, one of Japan’s largest financial conglomerates, has disclosed that its equity stake in Ripple is now carried at approximately 6.6 trillion yen — roughly $45 billion. The figure, reported by Coinotag, is the most explicit public marker to date of how one of Ripple’s longest-standing institutional backers is pricing the company internally.
Ripple remains a private company, so there is no listed share price or exchange-traded equity to benchmark against. SBI’s own balance-sheet disclosure effectively functions as a proxy valuation, and a $45 billion figure places Ripple’s implied worth well above the levels typically associated with its earlier funding rounds.
A decade-long bet on XRP infrastructure
SBI has been one of Ripple’s most consistent corporate partners since 2016, holding an equity position and running XRP-linked businesses through its brokerage arm, SBI VC Trade, which lists and distributes the token to Japanese retail and institutional clients. That vertical integration — equity exposure to Ripple the company plus operational exposure to XRP the asset — makes SBI’s internal marks a closely watched data point for traders trying to gauge institutional sentiment around the token.
Because Ripple has never gone public and does not disclose audited valuations on a recurring basis, third-party marks from strategic shareholders like SBI are one of the few windows analysts have into how the market prices the company outside of XRP’s own spot trading.
Why the number matters for XRP positioning
For on-chain and market-structure watchers, a rising private valuation for Ripple does not mechanically move XRP’s spot price — the two are legally and financially distinct. But large valuation marks from a regulated institutional holder tend to feed into narrative-driven flows, particularly among Japanese retail traders who have direct access to XRP through SBI’s own exchange.
Traders should treat the $45 billion figure as a corporate accounting disclosure rather than a market-cleared price: it reflects SBI’s internal fair-value assessment of an illiquid, privately held asset, not a transaction executed at that valuation. Any read-through to XRP liquidity, funding or spot demand will depend on whether the disclosure triggers renewed institutional interest in Ripple-linked products rather than a direct arbitrage between the two.