Japanese financial group SBI Holdings reaffirmed the value of its Ripple stake at 6.6 trillion yen — roughly $41.2 billion — in its latest quarterly earnings release, even as XRP prices remain weak and the broader crypto market stays sluggish. In the same announcement, SBI disclosed that its crypto asset business posted a pre-tax loss of 1.4 billion yen for the quarter, though it noted that its market-making unit, B2C2, remained profitable. Group-wide, however, SBI posted its best-ever first-quarter results, with net profit jumping 149.9% year-over-year to 148.1 billion yen. The company is also expanding beyond Ripple into other digital asset ventures, including growing its involvement in the Canton Network and launching a roughly 3 billion yen crypto fund.

SBI stated at its earnings briefing that its Ripple stake alone is worth 6.6 trillion yen, equivalent to about $41.2 billion at current exchange rates. The company was careful to clarify that this figure represents its own internal valuation of the stake, not the amount it would actually realize if the shares were sold and converted to cash.

SBI’s relationship with Ripple now spans roughly a decade. The two companies established SBI Ripple Asia back in 2016 to push blockchain-based payment and settlement services across Japan and other parts of Asia. According to reporting from Blockster, SBI holds approximately 9% of Ripple’s private equity, making it the largest external shareholder. SBI Remit already uses XRP-based payment infrastructure for cross-border remittances within Japan, and SBI is reportedly preparing to distribute Ripple’s RLUSD stablecoin through its own exchange, SBI VC Trade.

Even as falling XRP prices have dampened investor sentiment toward Ripple-linked assets, SBI’s reaffirmation of this valuation suggests the company views its stake as a long-term strategic investment rather than a short-term position tied to token price swings.

SBI attributed the broader weakness in its crypto business to uncertainty surrounding the CLARITY Act, a market-structure bill moving through the U.S. Senate that aims to clarify regulatory jurisdiction over digital assets. In its earnings statement, SBI said its crypto operations remain sluggish, as if the industry is waiting for the CLARITY Act to be finalized. The Senate continues to negotiate the bill ahead of its August recess. Senator Cynthia Lummis noted that Majority Leader John Thune has reserved floor time for the legislation, though other priorities — including confirmations, budget matters, and sanctions votes — are competing for the Senate’s remaining time this session. Lummis expressed confidence that Thune intends to push the bill forward and suggested a vote could come within days, though passage isn’t guaranteed; Senate leadership still needs to secure enough support to clear procedural hurdles, and any amendments would require further action in the House. For Ripple and other U.S.-linked crypto firms, this bill matters because it would clarify the jurisdictional boundary between the SEC and the CFTC — and SBI’s comments suggest the Japanese group views U.S. regulatory progress as a key variable for both near-term market activity and Ripple’s longer-term outlook.

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Despite the drag from its digital asset division, SBI’s overall quarterly performance was strong. The group reported quarterly revenue of 571 billion yen and pre-tax profit of 225.8 billion yen, with net profit attributable to shareholders rising 149.9% year-over-year to 148.1 billion yen. Trailing twelve-month return on equity stood at 29%, well above SBI’s medium-term target of 15%. The crypto asset segment, by contrast, posted a 1.4 billion yen pre-tax loss for the quarter, though SBI noted that its institutional market-making arm, B2C2, stayed profitable throughout the period — suggesting retail crypto services faced more pressure than institutional trading operations.

SBI is also pushing to expand its domestic digital asset footprint through crypto lending, stablecoin-related services, and a planned acquisition of Bitbank. The company expects that once the acquisition closes, its crypto customer accounts will grow to roughly 3 million and assets under custody will rise to about 870 billion yen.

Notably, SBI’s blockchain strategy is no longer centered solely on Ripple. Earlier this week, the company restructured one of its wholly owned subsidiaries to focus specifically on Canton Network, an institutional blockchain built for regulated financial markets. The unit, formerly SBI Security Solutions, has been renamed SBI Digital Practice Co., Ltd., and will develop compliance tools and infrastructure supporting cross-border, multi-currency transactions for institutional clients. Separately, SBI Financial Services is running SBI Crypto Fund I alongside Japanese game developer Gumi — a private fund that began operating August 1 with roughly 3 billion yen in committed capital, investing primarily in Bitcoin and major listed altcoins. Daiwa Securities Group is among the fund’s investors, though individual allocation amounts haven’t been disclosed.

Taken together — the reaffirmed Ripple stake, the new Canton Network-focused subsidiary, and the freshly launched crypto fund — the picture that emerges is one of SBI actually broadening its digital asset exposure even as XRP and its own crypto segment face near-term pressure. Whether that strategic patience pays off may hinge significantly on how quickly U.S. regulatory clarity, particularly around the CLARITY Act, materializes in the months ahead.