Ripple’s potential IPO is back in the spotlight after SBI Holdings CEO Yoshitaka Kitao offered one of the clearest long-range timelines yet from a major Ripple shareholder.
Speaking at a Tokyo conference, Kitao — who runs one of Japan’s largest financial conglomerates and has been a long-term Ripple backer — said he would be prepared to invest heavily when (and if) Ripple goes public. He framed the commitment in yen, saying SBI would consider injecting ¥100 billion to ¥200 billion at the time of a listing — roughly $626 million to $1.25 billion. Kitao added that he expects a public listing to happen in about 12 years, which would place a possible IPO around 2038.
Why his comments matter
Kitao isn’t a casual observer. SBI has been tied to Ripple since 2016, invested directly in Ripple Labs and co-founded SBI Ripple Asia to deploy Ripple’s payments tech across the region. SBI also reports holding roughly 9% of Ripple Labs, making it one of the company’s largest external shareholders. That close relationship gives Kitao’s timeline and capital pledge extra weight within the XRP community.
A long-running IPO debate
Talk of a Ripple IPO has circulated for years, particularly after the company’s legal battle with the U.S. SEC formally concluded in 2025. Even so, Ripple’s leadership has repeatedly cooled IPO expectations. CEO Brad Garlinghouse has said the company doesn’t need outside funding, and Ripple President Monica Long reiterated in January 2026 that the firm plans to remain private, pointing to a healthy balance sheet and room to grow without tapping public markets.
Ripple’s private strength
Those comments align with Ripple’s recent private-market performance: in late 2025 the company raised $500 million at an approximate $40 billion valuation. Since the SEC settlement, Ripple has also broadened its business beyond cross-border payments into custody services, stablecoin infrastructure, real-world asset tokenization and strategic acquisitions — all factors that reduce immediate pressure to pursue a public listing.
The takeaway
Kitao’s remarks revive the IPO conversation, but they also underscore the gap between shareholder expectations and management’s near-term plans. A large potential capital commitment from SBI signals confidence in Ripple’s long-term value, but management continues to prioritize private growth — meaning any public listing is likely to remain a long-term prospect rather than an immediate catalyst for the market.
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