SBI Holdings CEO Yoshitaka Kitao has publicly clarified his company's investment in Ripple Labs, correcting widespread misinformation about a supposed $10 billion stake in XRP. In a direct response on X, Kitao addressed claims made by user Ledger Man (@strivex_), emphasizing that SBI holds approximately 9% of Ripple Labs rather than any significant XRP holdings.
The controversy began when Ledger Man posted on X, stating, “SBI, a major partner of Ripple and holder of $10 billion in XRP, is growing its presence in Asia through the acquisition of Coinhako, a regulated cryptocurrency platform based in Singapore.” This tweet inaccurately portrayed SBI Holdings' involvement with XRP, sparking speculation among cryptocurrency enthusiasts.
Kitao swiftly replied in the comments, writing, “Not 10 billion in XRP, but around 9% of Ripple Labs. So our hidden asset could be much bigger.” He further confirmed that the Japanese financial giant does not hold XRP in any form, putting an end to rumors about direct cryptocurrency investments.
The 9% stake in Ripple Labs positions SBI Holdings to benefit from the growth of the U.S.-based fintech firm. This equity investment provides Ripple with essential funding to expand into new marketplaces, strengthening their long-standing partnership.
SBI Holdings, a major Japanese conglomerate, has been a key ally to Ripple, leveraging its influence in the financial sector. The CEO's correction underscores the distinction between equity in the company and holdings in its associated cryptocurrency, XRP.
By addressing the inaccurate claims head-on, Kitao's response has dispelled speculations surrounding SBI's investments. The clarification highlights the strategic value of their Ripple Labs ownership, potentially far exceeding the misrepresented $10 billion XRP figure.
The exchange on X serves as a reminder of the rapid spread of unverified information in the cryptocurrency space, particularly regarding high-profile players like SBI Holdings and Ripple.
