The decision highlights SBI’s cautious accounting approach toward its investment in Ripple, despite the strong strategic ties the two firms have maintained since 2012. SBI remains Ripple’s largest external shareholder, owning just under 10% of the company’s equity. However, the crypto assets associated with Ripple’s escrow, which could potentially add substantial value to SBI’s balance sheet, will remain excluded until the firm is publicly traded or appropriately valued.
May 9, SBI Audio, shareholders’ presentation (clips). “The value of #XRP held in escrow by Ripple Labs will not be included in the corporate value until a clear valuation is determined through an IPO or other means…”
Ripple is generating a huge amount of unrealized profits. pic.twitter.com/SMPbebAoRC
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Ripple is generating a huge amount of unrealized profits. 
Crypto Eri ~ Carpe Diem (@sentosumosaba) Strong Fiscal Year with Crypto Division Outperformance
SBI reported a significant increase in financial performance across the board for FY2025. Total revenue rose by 19.3% year-over-year, reaching ¥1.44 trillion. Profit before taxes saw a sharp increase of 97.4%, totaling ¥282.3 billion, while net profit attributable to shareholders climbed to ¥162.1 billion, representing an 85.8% annual rise.
A key driver of this performance was SBI’s digital asset business, which generated ¥80.8 billion in revenue, up 41.4% from the previous year. The segment’s profit before tax grew even more sharply, surging 151.8% to ¥21.2 billion. The increase was largely driven by rising cryptocurrency market prices and stronger investor interest.
Despite these gains, SBI emphasized that the current valuation of its Ripple holdings remains conservative. The company stated that once Ripple secures a market-based valuation—either through a stock market listing or a formal appraisal—the resulting unrealized value could exceed ¥1 trillion. This would significantly boost the valuation of SBI’s crypto division, which currently manages approximately ¥900 billion in digital assets.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Ripple IPO Seen as Trigger for Revaluation
Although Ripple has not confirmed any immediate plans to go public, CEO Brad Garlinghouse has previously mentioned that an IPO could be considered as early as late 2025 or 2026, depending on improvements in the regulatory environment. This timeline follows progress in Ripple’s legal proceedings with the U.S. Securities and Exchange Commission.
SBI’s long-standing relationship with Ripple includes several strategic ventures. These include SBI Ripple Asia, a joint initiative promoting the adoption of RippleNet technologies in the Asian market, and MoneyTap, a digital payments platform built using Ripple’s blockchain. Additionally, SBI Remit began using XRP for cross-border transfers in 2021, particularly in the Southeast Asian corridor.
As the company continues to expand its presence in the digital asset space, SBI’s strategy remains focused on long-term value realization. The firm has reiterated its goal to grow its crypto asset holdings to over ¥1 trillion, aligning with the expected formal recognition of its Ripple-linked XRP assets.
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