- Ripple Prime expands its relationship with Brevan Howard through multi-asset brokerage services.
- U.S. leveraged ETFs now span 593 funds with more than $256 billion in assets.
- Nonbank firms are gaining ground as banks face tighter risk regulations.
Ripple is expanding its role in leveraged ETF financing through Ripple Prime while deepening its relationship with investment manager Brevan Howard. Under the expanded agreement, Ripple Prime will provide multi-asset prime brokerage, clearing and financing services to Brevan Howard funds, extending Ripple’s involvement in a business traditionally dominated by banks.
Ripple Prime is working with several ETF providers and extending its services to hedge funds and other investment managers. President Noel Kimmel described leveraged ETF financing as a growing and meaningful part of the business.
Brevan Howard Expands Its Ripple Relationship
The agreement builds on ties established in 2025, when funds affiliated with Brevan Howard participated in Ripple’s $500 million investment round. Under the arrangement, Brevan Howard will use Ripple Prime’s platform across its funds. Alan McGroarty, the investment manager’s group chief operating officer, said the platform was expected to improve operational ease and capital efficiency for investment teams.
Kimmel said the partnership reflected Brevan Howard’s assurance in Ripple Prime’s ability to provide services across asset classes. The arrangement follows Ripple’s expansion into institutional markets, where its offerings include custody, stablecoins, tokenization and prime brokerage alongside payments and blockchain infrastructure.
Leveraged ETF Growth Draws Nonbank Firms
Ripple’s financing push comes as the U.S. leveraged ETF market expands. Morningstar Direct data cited in the report show that 593 funds hold more than $256 billion in assets. Of those funds, 426 focus on individual stocks.
As demand for leveraged ETFs grows, nonbank firms such as Jane Street and Clear Street are taking on a larger role in providing the financing and trading infrastructure these products require. Tighter risk regulations affecting banks have also supported the shift, making it harder for traditional lenders to serve this market. Todd Sohn, chief ETF strategist at Baird Strategas, linked growing participation to demand for leveraged ETFs and the potential for higher swap fees.
Hidden Road Acquisition Built Brokerage Base
Ripple entered swap financing through its $1.25 billion acquisition of Hidden Road in 2025, rebranding the business as Ripple Prime. At the time, Hidden Road cleared $3 trillion across markets and served more than 300 institutional customers.
Ripple has since expanded the platform’s capabilities, including U.S. spot prime brokerage for digital assets, giving institutional clients access to markets spanning foreign exchange, digital assets, derivatives, swaps and fixed income.
Related: Ripple and CSD BR Launch XRPL System for Asset Record Mirroring
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