SBI Holdings has publicly refuted claims suggesting it possesses $10 billion worth of XRP, the cryptocurrency linked to Ripple Labs. In a recent statement on X, CEO Yoshitaka Kitao addressed the rumors, which misrepresented the company”s actual exposure to Ripple-related assets.
Kitao”s comments come in response to speculation that the company”s stake in Ripple could translate into a significant XRP position. He emphasized that such interpretations are incorrect and that the investment structure and valuations related to SBI have been distorted in public discussions.
The CEO highlighted that while SBI”s ownership in Ripple stands at over 9 percent, the overall valuation of Ripple, including its extensive ecosystem, is vastly different from the rumored $10 billion figure. Kitao”s clarifications are crucial for investors keen on understanding the dynamics of Ripple-linked holdings and for participants in the XRP market assessing institutional backing.
By directly addressing the misinformation, SBI Holdings aims to mitigate narratives that could mislead stakeholders regarding its balance sheet and its relationship with Ripple. Currently, there have been no announcements regarding changes in SBI”s partnership or investment strategy involving Ripple.
Market observers are likely to keep a close watch on any further disclosures or filings from SBI for additional insights into the company”s cryptocurrency exposure. This incident serves as a reminder of how quickly valuation assumptions can proliferate within crypto circles, underscoring the importance of primary-source verification.
The ongoing developments in the cryptocurrency sector, particularly surrounding major players like Ripple and SBI, highlight the need for clarity amidst the often turbulent waters of speculation and valuation in the blockchain ecosystem.
