Ripple shareholder SBI Holdings is refraining from incorporating the firm’s escrowed XRP into its share valuation for now. This decision, with SBI holding almost 10% of Ripple shares, comes as the company awaits the Ripple IPO or a similar event to determine a fair assessment of this asset. The estimated value of Ripple’s ~$36.5B XRP escrow remains a point of contention, directly influencing SBI’s investment value. SBI explained in its latest report that it will delay valuing its shares until a clear and distinct valuation is established through the IPO or another comparable event. This decision underscores the company’s anticipation for a formal valuation encompassing XRP held in escrow when Ripple officially goes public. The context surrounding this matter highlights the complexity of XRP’s role in Ripple’s financial structure, particularly the potential for significant unrealized profits.