SBI values Ripple stake at $41.2B despite XRP price slump

SBI Holdings has reaffirmed its exposure to Ripple, telling investors that its Ripple shareholding carries an estimated value of $41.2 billion despite weaker XRP prices and sluggish crypto market conditions. Summary SBI cited a ¥6.6 trillion valuation for its Ripple shareholding during its first-quarter earnings presentation. SBI’s crypto asset business posted a ¥1.4 billion pretax loss, although market maker B2C2 remained profitable. First-quarter net profit rose 149.9% year over year to ¥148.1 billion. SBI is also expanding through the Canton Network and a ¥3 billion crypto fund. SBI maintains its Ripple position despite XRP weakness SBI discussed its Ripple investment while reporting results for the first quarter, during which the Japanese financial group described its cryptocurrency business as sluggish. Management linked the muted operating environment partly to uncertainty over whether the U.S. Senate will pass the CLARITY Act, a proposed market structure bill intended to define oversight responsibilities for digital assets. “The cryptocurrency business remains sluggish, as if waiting to determine whether the CLARITY Act will be enacted,” SBI said in its earnings presentation...