Ripple has made headlines recently, announcing that the company will not pursue an initial public offering (IPO), despite a successful $500 million fundraising round in November, which brought its valuation to an impressive $40 billion. This decision was confirmed by Ripple President Monica Long in a recent interview with Bloomberg. Long underscored the company’s focus on private funding and its strategic investor relationships as key factors for continued growth.
During the fundraising round, Ripple attracted notable Wall Street entities, including Fortress Investment Group and affiliates of Citadel Securities, alongside established crypto-focused investors such as Pantera Capital and Galaxy Digital. Long highlighted that this funding underscores the health and success of Ripple’s business model, which aims to create a digital asset infrastructure for businesses and financial institutions.
Ripple appears to be shifting away from traditional IPO motivations, with Long stating, “Currently, we still plan to remain private.” She emphasized that the company’s robust balance sheet and the interest from strategic investors allow them to fund their operations and growth effectively without the need to enter public markets.
This recent funding followed a $1 billion tender offer executed earlier in 2025, exhibiting a consistent institutional demand for Ripple’s equity. The company has also repurchased over 25% of its outstanding shares, demonstrating an effort to provide liquidity to existing shareholders while bringing in new partners to its operations.
Under the leadership of CEO Brad Garlinghouse, Ripple has significantly expanded its focus since its inception in 2012, transitioning from primarily payments to encompassing custody, stablecoins, prime brokerage, and corporate treasury services. Ripple executed six acquisitions over the past two years, including two valued at over $1 billion. Notably, the company acquired Rail to enhance its payment services, which saw Ripple Payments volume exceeding $95 billion and holding 75 regulatory licenses globally.
The growing interest in stablecoins has also directed Ripple’s strategy. The company’s RLUSD stablecoin quickly surpassed $1 billion in market capitalization within merely seven months after its launch, although it still trails behind major competitors like Circle’s USDC and Tether’s USDT. The acquisition of GTreasury positions Ripple to enhance treasury capabilities amidst growing institutional adoption of stablecoins following regulatory clarifications, such as those provided by the GENIUS Act.
BNY Mellon currently serves as the custodian for the RLUSD stablecoin, and Ripple is in pursuit of a banking license and a Federal Reserve Master Account. Earlier engagement by Ripple’s Chief Legal Officer, Stu Alderoty, welcomed Governor Christopher Waller’s proposal to allow crypto firms access to “skinny” Federal Reserve accounts, reflecting a growing recognition and acceptance of digital asset firms within traditional finance frameworks. Waller also indicated a progressive stance from the Federal Reserve towards decentralized finance (DeFi), hinting at a potential shift in regulatory approaches.
On the institutional product side, Ripple Prime has experienced significant growth by doubling its client collateral and facilitating over 60 million daily transactions. While offering collateralized XRP lending, Ripple continues to expand its vertical presence in the crypto space. However, the price of XRP has witnessed volatility, currently trading over 30% below its all-time high from January 2018.
In a move to support education in the crypto space, Ripple recently contributed $50 million to the National Crypto Association, aiming to enhance understanding as adoption statistics reveal that 39% of crypto holders utilize digital assets for buying goods and services.
As Ripple chooses to remain private, the broader crypto ecosystem continues to embrace public market opportunities. Companies like Circle, Kraken, Gemini, and BitGo are positioning themselves for potential IPOs, underscoring the contrasting paths being taken within the cryptocurrency industry. Ripple’s focus on private growth, meanwhile, reflects a strategic commitment to leverage its strong investor relationships and operational successes to navigate the evolving landscape of digital assets.
