SBI Holdings将使其在Ripple Labs的长期股份拒绝其资产负债表，直到美国金融科技列出其股份

SBI Holdings告诉股东，该企业集团在Ripple Labs的长期股份将留下其资产负债表

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告诉股东，其在Ripple Labs中的长期股份将继续脱离企业集团的资产负债表，直到美国金融科技列出其股份或进行了可比的第三方评估，而管理层称其为“巨大数量的未实现的利润”。

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.

该披露出现在该集团的2024财政年度结果甲板上（FY结束于2025年3月31日），于5月9日提出。合并收入达到14.43万亿日元（93.9亿美元），同比增长19.3％，而税前的利润几乎翻了一番，达到2823亿日元（18.3亿美元），这是由私人股权重新估算和自满的加密货币集团造成的。

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.”

在私募股权部分中，一张专门用于持有的持有的幻灯片阐明了ripple的会计处理：“关于SBI集团在美国持有的Ripple Lab Inc.的股票作为未列出的股票，在Ripple Lab Inc.在eScrow中持有的XRP价值。

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.”

估值储备很重要。在同一演讲中，高管提醒投资者，SBI在十多年前首次支持Ripple，并且“现在[[[]少于波纹股权的10％。”管理层引用了Ripple目前的托管和循环供应，估计XRP的名义市值为“约20万亿日元（1,300亿美元）”，然后补充说，托管下的代币余额“仍在锁定”。

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.”

在评论员Crypto Eri捕获和转录的扩展问答中，SBI的领导详细阐述了这些收益为什么仍在书籍之外的收益：“在Ripple Lab在托管中持有的XRP的价值将不包括在公司价值中，直到通过IPO或其他手段来确定其利润将会涌现，并且将会涌现出来。

“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).”

“自从特朗普先生开幕以来，美国就一直非常重视加密资产市场，我们感谢……如果被列出，未实现的利润将被解锁，我敢肯定，它很容易超过一万亿日元（65亿美元）（65亿美元）。”

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.

在东京，任何流动性事件的时机一直是一个常年问题。多年来，SBI的首席执行官吉托（Yoshitaka Kitao）表示，他希望Ripple在解决美国证券交易委员会的合法悬架后将公开公开。

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.

直到上周悬而未决的悬而未决：5月8日，SEC宣布了一项和解协议，该协议铺平了宽度，以根据法院的批准，对Ripple和两名高管进行了2020年对Ripple和两名高管的执法行动。尽管该交易无法提供正式的估值，但它消除了使IPO计划复杂的监管障碍。

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的加密资产业务的收入为808亿日元（5.26亿美元）和税前的利润为¥212亿日元（1.38亿美元），比上一年的收入增长了151.8％，并受到市政公司B2C2的支持，而SBI VC交易的零售客户群则更大。一旦实现Ripple的股权重新评估，管理层将这些结果构成了“爆炸性增长潜力”的早期证据。

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管理的总资产已经超过100万亿日元（650亿美元）的门槛；该小组重申，到2027财年结束时，该数字将这一数字翻了一番，达到20万亿日元（1,300亿美元）。涟漪上市可以帮助资助这一扩展，同时改变私募股权投资组合的风险概况。

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，企业集团准备等待。一位高管在股东会议上承认：“没有那么多的人了解我们的业务。”他补充说，即使在内部，“员工也不了解我们的整个业务”。 SBI认为，一旦Ripple的估值不再是“隐藏在朴素的视线”中，由此产生的意外收获将为自己说话。

At press time, XRP traded at $2.45.

发稿时，XRP的交易价格为2.45美元。