SBI Holdings將使其在Ripple Labs的長期股份拒絕其資產負債表，直到美國金融科技列出其股份

SBI Holdings告訴股東，該企業集團在Ripple Labs的長期股份將留下其資產負債表

SBI Holdings has told shareholders that its long-standing stake in Ripple Labs will remain off the conglomerate’s balance sheet until the US fintech either lists its shares or undergoes a comparable third-party appraisal, leaving what management calls “an enormous amount of unrealized profit” unrecognised for now.

SBI Holdings告訴股東，其在Ripple Labs中的長期股份將繼續脫離企業集團的資產負債表，直到美國金融科技列出其股份或進行了可比的第三方評估，而管理層稱其為“巨大數量的未實現的利潤”。

The disclosure appears in the group’s fiscal-year 2024 results deck (FY ended 31 March 2025), presented on 9 May. Consolidated revenue reached ¥1.443 trillion ($9.39 billion), up 19.3% year-on-year, while profit before tax almost doubled to ¥282.3 billion ($1.83 billion), driven by outsized contributions from private-equity revaluations and a buoyant crypto-asset arm.

該披露出現在該集團的2024財政年度結果甲板上（FY結束於2025年3月31日），於5月9日提出。合併收入達到14.43萬億日元（93.9億美元），同比增長19.3％，而稅前稅的利潤幾乎翻了一番，達到2823億日元（18.3億美元），這是由私人股權重新估算和自滿的加密貨幣集團造成的。

SBI’s Stake in Ripple

SBI在Ripple中的股份

Within the private-equity segment, a slide devoted to unlisted holdings spells out the accounting treatment for Ripple: “About the shares of Ripple Lab Inc. in the US held by the SBI Group as unlisted shares, the value of XRP held in escrow by Ripple Lab Inc. will not be included in the corporate value until a clear valuation is determined through an IPO or other means.”

在私募股權部分中，一張專門用於持有的持有的幻燈片闡明了ripple的會計處理：“關於SBI集團在美國持有的Ripple Lab Inc.的股票作為未列出的股票，在Ripple Lab Inc.在eScrow中持有的XRP價值。

That valuation reserve matters. During the same presentation, executives reminded investors that SBI first backed Ripple more than a decade ago and “now [has] a little less than 10 percent of the equity stake of Ripple.” Citing Ripple’s current escrow and circulating supply, management estimated the notional market capitalization of XRP at “about ¥20 trillion ($130 billion)”, before adding that the balance of tokens under escrow “is still under lock-up.”

估值儲備很重要。在同一演講中，高管提醒投資者，SBI在十多年前首次支持Ripple，並且“現在[[[]少於波紋股權的10％。”管理層引用了Ripple目前的託管和循環供應，估計XRP的名義市值為“約20萬億日元（1,300億美元）”，然後補充說，託管下的代幣餘額“仍在鎖定”。

In an extended Q&A captured and transcribed by commentator Crypto Eri, SBI’s leadership elaborated on why those gains remain off the books: “The value of XRP held in escrow by Ripple Lab will not be included in the corporate value until a clear valuation is determined through an IPO or other means. If it is included, the profit will surge and will be an extraordinary amount.”

在評論員Crypto Eri捕獲和轉錄的擴展問答中，SBI的領導詳細闡述了這些收益為什麼仍在書籍之外的收益：“在Ripple Lab在託管中持有的XRP的價值將不包括在公司價值中，直到通過IPO或其他手段來確定其利潤將會湧現，並且將會湧現出來。

“Ever since Mr. Trump was inaugurated, the US has been putting a lot of emphasis on the crypto asset market, which we are grateful for… If listed, the unrealized profits are going to be unlocked, and I’m sure that it will easily exceed one trillion yen ($6.5 billion).”

“自從特朗普先生開幕以來，美國就一直非常重視加密資產市場，我們感謝……如果被列出，未實現的利潤將被解鎖，我敢肯定，它很容易超過一萬億日元（65億美元）（65億美元）。”

The timing of any liquidity event for Ripple has been a perennial question in Tokyo. For years SBI’s chief executive, Yoshitaka Kitao, has said he expects Ripple to go public once its legal overhang with the US Securities and Exchange Commission is resolved.

在東京，任何流動性事件的時機一直是一個常年問題。多年來，SBI的首席執行官吉托（Yoshitaka Kitao）表示，他希望Ripple在解決美國證券交易委員會的合法懸架後將公開公開。

That overhang receded only last week: on 8 May the SEC announced a settlement agreement that paves the width to conclude its 2020 enforcement action against Ripple and two executives, subject to court approval. Although the deal stops short of providing a formal valuation, it removes a regulatory obstacle that had complicated IPO planning.

直到上週懸而未決的懸而未決：5月8日，SEC宣布了一項和解協議，該協議鋪平了寬度，以根據法院的批准，對Ripple和兩名高管進行了2020年對Ripple和兩名高管的執法行動。儘管該交易無法提供正式的估值，但它消除了使IPO計劃複雜的監管障礙。

SBI’s Crypto-asset Business recorded revenue of ¥80.8 billion ($526 million) and profit before tax of ¥21.2 billion ($138 million), a jump of 151.8% from the prior year, buoyed by market-maker B2C2 and a larger retail customer base at SBI VC Trade. Management framed those results as early evidence of “explosive growth potential” once Ripple’s equity re-rating is realised.

SBI的加密資產業務的收入為808億日元（5.26億美元）和稅前的利潤為¥212億日元（1.38億美元），比上一年的收入增長了151.8％，並受到市政公司B2C2的支持，而SBI VC交易的零售客戶群則更大。一旦實現Ripple的股權重新評估，管理層將這些結果構成了“爆炸性增長潛力”的早期證據。

SBI’s total assets under management have already crossed the ¥10 trillion ($65 billion) threshold; the group reiterated a goal of doubling that figure to ¥20 trillion ($130 billion) by the end of FY 2027. A Ripple listing could help fund that expansion while transforming the private-equity portfolio’s risk profile, the presentation suggested.

SBI管理的總資產已經超過100萬億日元（650億美元）的門檻；該小組重申，到2027財年結束時，該數字將這一數字翻了一番，達到20萬億日元（1,300億美元）。漣漪上市可以幫助資助這一擴展，同時改變私募股權投資組合的風險概況。

For now, the conglomerate is prepared to wait. “There aren’t as many people who understand our operations,” one executive conceded in the shareholder session, adding that even internally “employees do not understand our entire business.” Once Ripple’s valuation ceases to be “hidden in plain sight,” SBI believes, the resulting windfall will speak for itself.

目前，企業集團準備等待。一位高管在股東會議上承認：“沒有那麼多的人了解我們的業務。”他補充說，即使在內部，“員工也不了解我們的整個業務”。 SBI認為，一旦Ripple的估值不再是“隱藏在樸素的視線”中，由此產生的意外收穫將為自己說話。

At press time, XRP traded at $2.45.

發稿時，XRP的交易價格為2.45美元。