Thats not what that means...it doesn’t mean they hold zero equity of SBI. Re-ead the end of the paragraph again on page 29, (I copied and pasted it below). It states their underlying equity rose in the company’s 2017 CB (CB stands for Closing Balance).
“SBI Holdings 0% 2022 JPY (JPY means Japanese Yuan) CB (Closing Balance) (+54bps absolute and +39bps relative). The underlying equity rallied over +60% during the period as the company was caught up in the optimism surrounding cryptocurrencies. SBI owns a 8.7% stake in Ripple’s XRP. With volatility in the underlying equity rising and the company’s 2017 CB (Closing Balance) converted, the CBs also richened strongly.”
If you want to see how much equity of SBI they actually own look on page 124. It states they own 100M shares of SBI.
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