Crypto researcher SMQKE claims financial giant SBI Holdings hinted that the true XRP value would only become clear once Ripple goes public.
His claim built on SBI Holdings’ financial report for the quarter ending June 30, 2025, which the company published on July 31.
SMQKE argued that SBI linked XRP’s future price to Ripple’s long-anticipated initial public offering, but this claim was not particularly accurate due to an ambiguity. He shared two screenshots from the report and pointed to specific areas he believed confirmed his interpretation.
It also reminded readers that SBI Remit launched Japan’s first money transfer service using XRP in 2021 through the SBI Ripple Asia joint venture.
In the second image, SBI provided more details about its PE investment business. The report showed that revenue rose sharply year-over-year. SBI attributed this improvement mainly to higher valuations of listed securities such as Circle Internet Group and eToro Group.
The company also stated that 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 or another defining event.
SMQKE Claims XRP Value Will be Revealed After Ripple IPO
In the first image, SMQKE highlighted the section that discussed potential gains once SBI’s 9% ownership in Ripple receives a defined valuation through an IPO or similar event.
Meanwhile, in the second, he spotlighted where the report noted that Ripple’s escrowed XRP holdings would not affect the company’s valuation until a firm market price emerges, possibly after Ripple goes public.
He concluded that SBI referred to XRP’s real value emerging after Ripple’s IPO. However, SBI’s statements actually referred to the company’s equity stake in Ripple, not XRP’s market price.
As one of Ripple’s largest shareholders, holding a 9% stake, SBI simply explained that it would wait for Ripple’s public valuation before including the worth of this stake in its financial records.
Optimism Around Ripple’s Use of XRP
Although SMQKE’s interpretation pushed beyond the report’s actual message, his comments come at a time when optimism around Ripple’s use of XRP is growing. Many community members have regained confidence that Ripple remains committed to XRP despite earlier worries that it might shift focus toward RLUSD.
Ripple’s recent moves support this renewed confidence. After the company finalized a $1.25 billion acquisition of prime brokerage platform Hidden Road, Ripple CEO Brad Garlinghouse reaffirmed that XRP remains central to Ripple’s operations.
In addition to this, Ripple also recently teamed up with Gemini to launch an XRP credit card. Moreover, when the firm announced that Ripple Prime had launched spot brokerage in the U.S., it highlighted RLUSD and XRP as two assets clients could trade over-the-counter.
Meanwhile, Ripple has clarified that it has no immediate plans to go public. The company says its finances remain strong and that its focus now lies on expanding through strategic partnerships and acquisitions rather than pursuing an IPO.
