Ripple to go public after SEC lawsuit settlement, says SBI Holdings chief

Ripple has not abandoned plans for an initial public offering (IPO), despite the lawsuit with the SEC. This was stated by Yoshitaka Kitao, head of the Japanese financial conglomerate SBI Holdings, during a teleconference.

In January 2020, Ripple CEO Brad Garlinghouse allowed for an IPO. At that time, he noted that such a move was the ‘natural evolution’ of the company.

According to Kitao, the California-based firm’s leadership plans to move in that direction.

“After the current lawsuit, Ripple will go public. The CEO wants this. Chris [Larsen] wants to do this,” Kitao emphasised.

He added that SBI’s investments in Ripple will pay off after a potential IPO, calling the holding company “the largest external shareholder” of the company.

Against this backdrop, Ripple’s XRP token rose 11.4% over the last 24 hours, according to CoinGecko. The coin is trading at $1.54 at the time of writing.

Ripple and SBI Holdings formed a partnership in 2016. As part of the agreement, they created the joint venture SBI Ripple Asia.

In December, SBI Holdings said that the SEC’s lawsuit will not affect the status of XRP in Japan.

Earlier in February 2021, the SEC filed an amended complaint, focusing on the individual responsibility of Garlinghouse and Ripple co-founder Chris Larsen.

On April 12, top executives filed a court motion to dismiss the agency’s claims.

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