GAM Investments has written an open letter to SBI Holdings, urging the Japanese financial giant to adopt an ambitious XRP-focused strategy. The investment manager proposed that SBI implement an XRP buyback program similar to MicroStrategy's Bitcoin accumulation approach. GAM argues that SBI Holdings is trading at a significant discount to its true net asset value (NAV) due to its undervalued XRP holdings. The lack of clarity in SBI's strategy around Ripple's blockchain technology and crypto investments also contributes to its underperformance. GAM recommends that SBI publish a daily valuation of its XRP holdings and provide regular updates to shareholders on its NAV components. The most significant proposal is for SBI to implement a buyback program using cash flow from its banking and securities businesses to purchase XRP directly from the market, similar to MicroStrategy's approach with Bitcoin. GAM believes this would enhance the value of SBI's XRP holdings and reduce the supply of XRP in circulation. SBI owns a significant stake in Ripple Labs but its XRP holdings have not been fully recognized by the market, leading to significant undervaluation. GAM believes that the proposed buyback program can unlock substantial value for SBI's shareholders and bring its market capitalization closer to its estimated true NAV.



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