- Ripple raised $500 million from Fortress, Citadel Securities affiliates, Pantera, Galaxy, Brevan Howard, and Marshall Wace at a $40 billion valuation
- President Monica Long said the company has “no plan, no timeline” for an IPO because it is already well capitalized
- 2025 is Ripple’s strongest year, with Ripple Payments over $95 billion and RLUSD over $1 billion, so management wants to keep control and keep buying companies
Ripple used its Swell 2025 event in New York to shut down IPO rumors for now. President Monica Long told Bloomberg the company “does not have an IPO timeline” and doesn’t need one, because Ripple can fund expansion from its balance sheet and from the $500 million just committed at a $40 billion valuation. This puts Ripple in a small group of private crypto-fintechs that can stay private even while doing billion-dollar deals
Why is there no IPO if the valuation is $40 billion?
Because Ripple just proved institutional investors will buy its equity at that price. Fortress Investment Group led the round alongside funds tied to Citadel Securities, with Pantera Capital, Galaxy Digital, Brevan Howard and Marshall Wace all coming in.
Related: Ripple Raises $500M at $40B Valuation to Scale RLUSD, Prime With Fortress, Citadel
That is the kind of cap table many companies go public to get; Ripple got it while staying private. Management’s read is: if growth capital is available off-market, there is no reason to take on quarterly earnings pressure.
What shows Ripple is “well capitalized”?
Three things in the disclosures: 1) $500 million in fresh common equity at a flat $40 billion, right after a $1 billion tender at the same level; 2) 6 acquisitions in roughly two years, two of them $1 billion-plus (Hidden Road and GTreasury/prime stack); 3) operating scale: 75 regulatory licenses and over $95 billion in payment volume this year. This is the reason why Long can say Ripple can “fund growth internally.”
What is the money actually for?
Ripple is building a stack: payments, custody, stablecoin (RLUSD), prime brokerage (Ripple Prime), and treasury. The press material says the new capital is to “deepen relationships” with financial partners and to keep rolling up infrastructure, not to patch cash burn. It also lets Ripple keep offering liquidity to staff and early holders through tenders so they don’t press for an IPO.
Related: First Mastercard Credit Card Settlement Pilot Using Ripple’s RLUSD Launches on XRP Ledger
Does this help XRP?
Indirectly. Ripple keeps saying the business uses XRP and RLUSD inside payments, custody and prime, and the new investors clearly liked that story. But Long’s answer tells the market that XRP’s upside is now more tied to product usage and institutional flows than to a “we listed Ripple stock, so XRP should go up” narrative. That in itself is a reset from the older 2021–2022 speculation cycle.
Related: Ripple Processes $95 Billion in Volume, But Is It Really $40 Billion in Valuation?
Why stay private when Circle and Gemini went public?
Because timing matters. U.S. rules got clearer this year with the GENIUS Act and with friendlier signals from the Trump administration, so Ripple can enjoy that policy tailwind while remaining founder- and investor-controlled.
Going public would harden disclosure requirements right when it is still stitching together Palisade, Hidden Road and the RLUSD run-rate. Staying private gives room to integrate.
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