Ripple Partner SBI Shares Insights into Current XRP within Ripple Escrow in Latest Financial Statements

SBI Holdings, a long-standing Ripple partner, recently discussed details about XRP in its financial results for the fiscal year ending March 2025.

Released on Feb. 7, 2025, the report only recently gained traction within the XRP community after WrathofKahneman (WOK), a notable figure in the space, called attention to it in a post on X.

Notably, the document, which highlights SBI’s financial statements for the nine months ending in December 2024, also discusses XRP’s circulation status, the market value of shareholder benefits tied to the asset, and the growing partnership with Ripple.

XRP in Circulation and in Ripple Escrow

One section of SBI’s report focuses on XRP’s circulation status as of Feb. 2, 2025. It reveals that out of a maximum supply of 100 billion XRP, approximately 57.76 billion XRP are circulating in the market, with a market capitalization equivalent to around 20 trillion Japanese Yen. 

Notably, around 0.01 billion XRP have been burned as transaction fees, a mechanism inherent to the XRP Ledger that helps mitigate spam transactions. Data from XRPScan corroborates these figures, showing that the XRPL has burned exactly 13.625 million XRP since inception.

The report also breaks down the remaining XRP, revealing that Ripple currently holds about 4.79 billion XRP, while a substantial 37.43 billion XRP remains locked in escrow. For context, the Ripple escrow system ensures that XRP is released gradually, preventing market oversaturation. 

XRP as Shareholder Benefits

Meanwhile, in another section of the report, SBI highlighted the market value of shareholder benefits distributed in XRP over the past few years. 

Since March 2020, they had distributed XRP as shareholder benefits on five occasions, totaling 796 XRP, which equates to roughly 8,000 Japanese Yen in value. 

When weighted against the average price of XRP over these five distributions, the value stands at about 50.2 Japanese Yen per XRP. However, as of Feb. 6, 2025, the market value of these distributions has surged to around 354.6 Japanese Yen per XRP, representing about seven times the initial value. 

The report also tracks XRP’s price fluctuations over time, as the asset continues to grow. For instance, by the end of fiscal year 2023, 80 XRP were worth 8,000 Japanese Yen, but this value soared to 25,000 Japanese Yen by February 2025, reflecting XRP’s price appreciation from 100 Japanese Yen to 354.6 Japanese Yen per token. 

Ripple and SBI Holdings’ Partnership

Notably, the collaboration between SBI Holdings and Ripple has continued to grow over the years, as highlighted in a section of the report. Both entities began their partnership in 2012, with SBI now holding a 9% stake in Ripple, making it the largest external shareholder in the firm. 

In 2016, the two entities established SBI Ripple Asia, a joint venture with SBI owning 60% and Ripple 40%, aimed at advancing remittance services in the Asia-Pacific region. By 2021, SBI Remit began offering Japan’s first international remittance service using XRP as a bridge currency. 

The partnership has since expanded, with plans to issue NFTs on the XRP Ledger at Expo 2025 in Osaka, Japan. Additionally, in December 2024, SBI started sales of RLUSD, a USD-linked stablecoin.