- SBI Holdings CEO Yoshitaka Kitao clarifies that the company does not hold $10 billion in XRP
- The company’s value comes from its 9% stake in Ripple Labs, which represents a “hidden asset.”
- Brad Garlinghouse says that Ripple has the potential to become a trillion-dollar company focused on XRP.
Yoshitaka Kitao, CEO of SBI Holdings, put an end to the discussion and clarified that the company does not hold $10 billion in $XRP tokens, but it owns a massive equity stake in Ripple Labs itself.
As the debate started on February 15 from the user named @strivex_, who mentioned, “SBI, a major partner of Ripple and holder of $10 billion in #XRP.” In response, the CEO of SBI Holdings explained that Ripple owns about 9% of Ripple Labs rather than directly holding $10 billion in XRP.
Since equity in Ripple Labs provides the company with strategic impact and value growth without having to risk price volatility from holding crypto XRP, as he mentioned, “So our hidden asset could be much bigger.”
Then, in a follow-up tweet, Kitao mentioned, “when it comes to Ripple Labs’ total valuation, which obviously includes its ecosystem that Ripple has created, that would be enormous. SBI owns more than 9 % of that much,” when calculated, 9% stake in Ripple Labs would be worth around $3.6 billion.
Also, Kitao confirmed that SBI Holdings had acquired a majority stake in Coinhako, a regulated cryptocurrency exchange, on February 13, which is part of its strategy to strengthen its position in the Asian crypto market, which may support Ripple’s ecosystem by providing a platform for XRP trading and adoption.
Ripple’s Long-Term Vision
Previously, on February 12, during the XRP Community Day on X, Brad Garlinghouse, CEO of Ripple labs said, There WILL be a Trillion Dollar Crypto company and I don’t have any doubt that Ripple has that opportunity. But the target goes beyond corporate growth. He stated, “Ripple’s reason for existence is driving success around XRP and the XRP ecosystem.”
As Ripple continues to focus on XRP, where the present market conditions are showing a persistent downtrend, as of writing, XRP is down over 6% in the last 24 hours and is trading at $1.48, with a monthly down of about 28%, amid wider crypto market weakness.
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Source: https://thenewscrypto.com/sbi-holdings-rejects-10b-xrp-claim-clarifies-9-ripple-equity/
