Breaking: Japan’s SBI Holdings Reaffirms $41.2B Stake In Ripple Despite XRP Price Weakness

SBI Holdings has reiterated its belief in Ripple’s investment despite the recent price slump in XRP even though it has dropped in value.SBI Holdings has confirmed that it remains invested in Ripple and now holds a stake valued at ¥6.6 trillion ($41.2 billion) despite the recent XRP price declines.

SBI Holdings Doubles Down On Massive $41.2 Billion Stake In Ripple

The update was made during SBI’s first quarter earnings call when it was revealed that the “cryptocurrency business remains sluggish, as if waiting to determine whether the CLARITY Act will be enacted.” However, the firm said it stressed that the “Ripple shareholding alone is worth ¥6.6 trillion.” This is a good sign of the SBI Group’s trust in Ripple and XRP in the midst of the market slowdown.

The remarks are part of the U.S. Senate’s deliberation on the CLARITY Act. Recently, Senator Cynthia Lummis indicated that legislators remain hopeful that they will be able to cast their vote on the bill prior to the August recess.

“We have one more week here in Washington,” Lummis said. She said a continuing resolution, a nomination and a sanctions vote are vying for floor time.

She also said Senate Majority Leader John Thune “has kept a place for the Clarity Act on the agenda before the August recess” and added, “I believe he does intend to go through with it.” However, she noted the vote could take place “tomorrow, or Monday, or Tuesday.”

About SBI Group’s Earnings Results

In addition, SBI recorded its most successful first quarter ever.

Revenue grew to ¥571.0 billion, and profit before tax rose to ¥225.8 billion. Net profit attributable to shareholders was ¥148.1 billion, which rose by 149.9% year over year. The group’s ROI on equity for the past year was 29%, well above the medium-term target of 15%.

SBI said its crypto asset business, which posted a ¥1.4 billion loss before tax, was weak, but the global crypto market maker B2C2 was profitable.

The company is also building its digital asset reputation. It recently introduced crypto lending and support services via its JPYSC stablecoin through SBI VC Trade and is looking to its planned acquisition of Bitbank to expand the number of cryptocurrency accounts to about 3 million, assets under custody, to ¥870 billion.

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