Ripple Ally SBI Holdings Invests $50M in Circle IPO

Ripple partner SBI Holdings and its affiliate SBI Shinsei Bank announced a multi-million-dollar investment in Circle, the issuer of USDC, following Circle’s IPO.

SBI Holdings Now Betting on Circle

The investment, worth $50 million, was split equally, with both SBI Holdings and SBI Shinsei Bank contributing $25 million. This move follows the launch of Circle SBI Japan KK, a joint venture formed in March 2025 to push the adoption and circulation of USDC in the Japanese market.

The recent announcement, revealed in a press release today, shows the growing alliance between SBI Group and Circle, which began with a business agreement signed in November 2023.

The relationship has since moved into collaborative efforts across various areas of digital finance, with SBI VC Trade, the crypto exchange subsidiary of SBI Group, becoming the first platform in Japan to offer USDC earlier this year publicly.

Circle’s Successful IPO

Notably, the backing from SBI Group comes on the heels of Circle’s successful market debut. Circle’s IPO officially launched on June 5, under the ticker symbol “CRCL”.

Originally aiming to raise up to $6.71 billion at a price range of $24 to $26 per share, the offering was later upsized to 34 million shares at $31 each, exceeding revised expectations of $27 to $28.

Interestingly, on its first day of trading, shares opened at $69 and closed at $83.23, pushing the company’s market cap to around $16.7 billion. The IPO, which raised between $1.05 billion and $1.1 billion, was one of the most successful fintech public offerings since Coinbase’s 2021 debut.

Notably, SBI Holdings’ move to acquire a significant stake in Circle coincides with strong investor demand, as the IPO was reportedly 25 times oversubscribed, according to a previous report from The Crypto Basic.

SBI’s Relationship with Ripple and Talks of Circle Acquisition

The investment also indicates a growth in SBI’s crypto strategy. Historically, SBI has been one of Ripple’s most significant backers, with the Japanese conglomerate currently holding approximately 9% of Ripple’s shares.

Since 2016, SBI and Ripple have collaborated through the joint venture SBI Ripple Asia, seeking to drive the adoption of XRP and the XRP Ledger across Asia. SBI has also made major investments in blockchain ventures, including R3 and Securitize.

Meanwhile, reports of Ripple exploring a potential acquisition of Circle have dwindled following Circle’s IPO. Ripple reportedly made a $4–5 billion offer, which Circle rejected. Ripple CEO Brad Garlinghouse debunked claims that the firm raised its offer to $20 billion.

Notably, by the time of Circle’s IPO, the company had achieved a valuation far exceeding the earlier offers, dampening speculation around a potential acquisition. However, some argue that Circle’s IPO does not automatically rule out a potential acquisition.