Ripple President Monica Long recently affirmed the company’s decision to forgo an initial public offering (IPO), opting instead for private growth strategies following a successful fundraising round in November that raised $500 million and valued the firm at $40 billion. This strategic pivot towards private growth is designed to sidestep the increased scrutiny and volatility that often accompanies public market operations.
In an interview with Bloomberg, Long emphasized that Ripple’s strength in financial positioning allows the company to focus on expansion through acquisitions and product development rather than seeking funding via public channels. The November funding round attracted significant interest from institutional investors, including Fortress Investment Group and Citadel Securities, with Long characterizing the deal structure as “very positive, very favorable for Ripple.” Interestingly, she noted that while the company had no immediate financial need to raise capital, it attracted substantial demand from major institutional players.
Ripple has embarked on an ambitious $4 billion acquisition spree in 2025, completing four key purchases: the global multi-asset prime broker Hidden Road, the stablecoin payments platform Rail, the treasury management system provider GTreasury, and the digital asset wallet and custody firm Palisade. These acquisitions aim to elevate Ripple’s position in the digital asset infrastructure space, extending beyond payments into sectors like custody, prime brokerage, and corporate treasury management.
As of November, Ripple Payments reported processing over $95 billion in total transaction volume. The recent acquisition of Hidden Road has enabled the launch of Ripple Prime, which has expanded its offerings to include collateralized lending and institutional products featuring XRP. Ripple’s dollar stablecoin, RLUSD, is central to these evolving enterprises, underpinning Long’s assertion that the company is focused on generating products that facilitate real-world applications for blockchain technology, cryptocurrencies, stablecoins, and tokenized assets.
Despite the marked increase in Ripple’s private valuation since its 2019 Series C funding—where it raised $200 million at a valuation of $10 billion—the performance of its digital asset XRP has been less stellar. The token’s value plummeted 48% from its July peak, signifying a disconnection between Ripple’s financial robustness and XRP’s market performance. This disparity highlights a fundamental difference between private valuations and prevailing public market sentiments.
Without the immediate pressures of quarterly public disclosures, Ripple is providing itself with more flexibility to assimilate its recent acquisitions and innovate new services. Nevertheless, this approach comes with the caveat of facing reduced pressure to deliver short-term returns following its significant investment in acquisitions.
Looking ahead, Ripple CEO Brad Garlinghouse hinted at plans for further deals in 2026, targeting product innovation and strategic partnerships. With a global network of over 300 customers, Ripple appears well-positioned to foster adoption of its new offerings. However, the challenge remains to effectively integrate these new capabilities and drive participation with RLUSD, ensuring that the lofty $40 billion valuation translates into real-world success. Failure to do so could convert this high valuation into a liability, complicating future funding opportunities.
