Yoshitaka Kitao, CEO of SBI Holdings, publicly reaffirmed his confidence in XRP when asked directly by an X user whether he still trusted the token. Kitao’s one-word response, “YES,” comes after a period that left many XRP holders feeling fatigued and concerned about possible neglect from Ripple.
Ongoing partnership with Ripple
SBI Holdings, one of Japan’s largest financial services groups, entered a partnership with Ripple in 2016 by investing in the company’s Series B funding round. Later that year, SBI and Ripple established the joint venture SBI Ripple Asia, with SBI holding approximately 60% ownership and Ripple controlling the remaining 40%.
SBI Ripple Asia soon created a consortium involving over 60 Japanese banks to explore and pilot Ripple’s blockchain-based payment solutions in the financial sector. This initiative aimed to modernize cross-border payment infrastructure in Japan.
In 2018, SBI introduced MoneyTap, a mobile payments app facilitating rapid interbank transfers. That same year, SBI’s cryptocurrency exchange, now known as SBI VC Trade, began offering XRP trading to its customers.
At SBI’s quarterly briefing on November 2, 2026, Kitao noted that investors primarily acquire Bitcoin for holding, while XRP’s value is more closely tied to its utility in payment and business ecosystems.
Kitao’s career and role in shaping SBI’s crypto activities
Before founding SBI Holdings in 1999, Kitao led a distinguished career as an executive at Nomura Securities and served as Chief Financial Officer at SoftBank. Under his leadership, SBI Holdings evolved into a broad financial conglomerate offering banking, brokerage, insurance, and cryptocurrency services.
Kitao joined Ripple’s board of directors in 2019, further cementing the strategic relationship between SBI Holdings and Ripple.
Mini dictionary: SBI Holdings is a major Japanese financial conglomerate that operates businesses across banking, securities brokerage, life insurance, asset management, and cryptocurrency trading. The firm is recognized for its proactive approach in adopting blockchain and digital assets in Japan’s financial ecosystem.
SBI’s activities involving XRP
Since 2020, SBI has distributed XRP tokens to its shareholders as part of bonus programs. Through its payment subsidiary, SBI Remit, the group adopted Ripple’s on-demand liquidity (ODL) services for cross-border payments, particularly strengthening remittance flows between Japan and the Philippines.
SBI continued its partnership with Ripple even throughout Ripple’s legal battle with the US Securities and Exchange Commission, which began in December 2020 and extended through 2025.
On February 15, 2026, responding to speculation about SBI’s XRP holdings, Kitao clarified in English that SBI does not hold $10 billion in XRP but owns about 9% of Ripple Labs. Emphasizing the value of their stake, he suggested that SBI’s “hidden asset could be much bigger,” referencing Ripple Labs and its broader ecosystem.
“Not $10 billion in XRP, but around 9% of Ripple Labs. So our hidden asset could be much bigger,” Kitao wrote on X, highlighting the significant value he places on their Ripple investment.
Recent developments and future outlook
In August 2025, SBI VC Trade and Ripple agreed to introduce the RLUSD stablecoin to the Japanese market. Two months later, SBI invested $200 million in Evernorth, a firm that maintains XRP within its treasury. As a result, SBI VC Trade now serves over two million account holders.
| Year | SBI’s Major Milestones with Ripple/XRP |
|---|---|
| 2016 | Joined Ripple’s Series B, launched SBI Ripple Asia |
| 2018 | Launched MoneyTap app, SBI VC Trade began XRP trading |
| 2019 | Kitao joined Ripple board |
| 2020 | Started XRP bonuses for shareholders |
| 2025 | Brought RLUSD stablecoin to Japan, invested $200 million in Evernorth |
| 2026 | SBI VC Trade exceeded two million accounts |
