Crypto researcher SMQKE interprets a recent SBI Holdings financial report as hinting that the true value of XRP will become clear only after Ripple goes public. The claim stems from SBI's discussion of its 9% stake in Ripple and the valuation of escrowed XRP holdings. However, the report focuses on Ripple's equity rather than XRP's market price directly.
Crypto researcher SMQKE has claimed that financial giant SBI Holdings suggested the real value of XRP would be revealed once Ripple completes its initial public offering (IPO). This interpretation arises from SBI Holdings' financial report for the quarter ending June 30, 2025, published on July 31, 2025.
In the report, SBI stated it expects major returns once the value of its 9% stake in Ripple becomes clear following an IPO or equivalent financial event. These potential gains do not yet appear in its private equity investment results for the quarter. The report outlines Ripple's major business areas, including its global payment solution powered by XRP, and notes that SBI Remit launched Japan's first money transfer service using XRP in 2021 through the SBI Ripple Asia joint venture.
SMQKE shared screenshots highlighting sections where SBI explained it would not include the value of Ripple's unlisted shares or the XRP in Ripple's escrow in its valuation until a concrete market price is set, likely through an IPO. He concluded that this refers to XRP's real value emerging after the IPO. However, SBI's statements actually pertain to the valuation of its equity stake in Ripple, not XRP's market price.
The report also showed sharp year-over-year revenue growth in SBI's private equity business, attributed mainly to higher valuations of listed securities such as Circle Internet Group and eToro Group.
SMQKE's comments coincide with growing optimism about Ripple's commitment to XRP. Despite earlier concerns over a potential shift to RLUSD, Ripple's recent actions bolster confidence. The company acquired prime brokerage platform Hidden Road for $1.25 billion, with CEO Brad Garlinghouse reaffirming XRP's central role. Ripple also partnered with Gemini to launch an XRP credit card and highlighted XRP alongside RLUSD in its U.S. spot brokerage launch via Ripple Prime.
Ripple has clarified it has no immediate plans for an IPO, emphasizing strong finances and focus on strategic partnerships and acquisitions.