On-Chain Researcher Reveals SBI Holdings Was Influential in SHIB’s Development

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Last Updated on September 6, 2023 by Bitfinsider

On-chain researcher BoringSleuth has recently made the connection between SBI Holdings, the biggest digital bank conglomerate in Japan, and the meme token Shiba Inu’s explosive development. The researcher’s thorough analysis of SBI Holdings’ finances and business decisions points to a possible behind-the-scenes coordination.

A few days earlier, BoringSleuth released a mysterious equation that led to the discovery of the company: “SHIB = SBIH = SBI Holdings, Japan’s largest Digital Bank Conglomerate.” The on-chain sleuth examined the sequence of events that gave rise to the popularity of Shiba Inus in today’s Twitter (X) thread.

Only thirty days before the token SHIB was introduced on the Ethereum blockchain, on July 1st, 2020, the SBI Group invested $30 million USD for an uncontrollable interest in B2C2, according to BoringSleuth. This investment is noteworthy since it is thought that Ryoshi, the anonymous founder of SHIB, works out of B2C2.

According to research published last week, as reported by Bitcoinist, the on-chain detective asserted that Ryoshi, the founder of Shiba Inu, is actually a hybrid of two people: Tsuyoshi Maruyama and Ryo Suzuki, who were both consultants to B2C2 Group in the past. Remarkably, B2C2 Group is currently the market leader for Robinhood, whose wallet previously held a position of more than 25% of the entire supply of SHIBs.

Despite a sizeable donation of SHIB tokens to Vitalik Buterin, the co-founder of Ethereum, BoringSleuth noted at the outset of his speech that the currency didn’t see any notable price or volume increases in the initial days following its launch (August 2020). Once “the chess pieces were in place,” though, things became different.

As noted by BoringSleuth, SBI Group was most known in the cryptocurrency world in the summer of 2020 for being the biggest institutional XRP holding. In response to legal action from the SEC and regulatory obstacles facing XRP, SBI Group strategically acquired 90% of B2C2, a cryptocurrency liquidity and trading company with headquarters in the UK.

“In January of 2021, SHIB liquidity pools were drastically beefed up. In May of 2021 SHIB saw a massive price surge when Buterin announced he was donating 10% to COVID charities and burning the other 90%. SHIB had its moment, skyrocketing in price. A well played and well-timed story,” he continued.

The crucial question that the researcher then raised was, “How do I know SBI group, or B2C2 even held any SHIB?” In response, he disclosed that SBI Group did, in fact, own SHIB through both of their cryptocurrency firms, making it one of just 11 cryptocurrency assets they manage across the Bitpoint exchange and the SBI VC Trade platform.

The examination of SBI Group’s financial progress by BoringSleuth is quite noteworthy. SBI Group never held more than ¥6 billion in assets in the 20 years before to 2020, according to the company’s 2023 Investor Presentation. They recorded ¥22.3 billion in assets in the 2023 report. With an astounding ¥52.5 billion in earnings in 2019, they saw a roughly ¥7 billion gain over their 2015 numbers.

After three years, SBI Group’s earnings shot up to ¥367 billion, a six-fold increase. In just three years, this spike increased its Earnings Per Share (EPS) to almost ten times its prior level. In 2022, SBI’s sales increased by 44% compared to the previous year, but its gross profit unexpectedly increased by eight times. Thus, the researcher poses the following query: “How could a well established, 23 year old Organization, with 87 different companies stretched across 24 different countries around the Globe, all of a sudden grow their Profits by >800%, after experience relatively flat to slighly up growth for 21 years?”

Based on the statistics, BoringSleuth came to the following conclusion: “They experienced growth like this because they sold worthless meme bags to holders who bought into the hype. I know many people that bought and lost. Who didn’t lose? SBI Group and their shareholders.”

Although the crypto community has been agitated by BoringSleuth’s disclosures, it is unclear if SBI Holdings or the Shiba Inu development team would respond to anonymous Shytoshi Kusama.

The price of SHIB at press time was $0.00000772. In the coming weeks, there may be a direction shift for Shiba Inu: will there be a bullish breakout in the price due to a triple bottom, or will there be a significant decline because of the impending descending triangle?

How to buy or trade SHIB on ProEX

You can buy or trade SHIB on ProEX. As ProEX frequently holds campaigns and events, you should check out its event page here to see if you can participate and win rewards as you trade.

On ProEX, you can trade SHIB as a spot pair (SHIB/USDT) in 3 simple steps:

  1. Sign up and register an account on ProEX 
  2. Buy USDT via ProEX One-click Buy 
  3. Trade SHIB/USDT at ProEX Spot

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