Ripple Declines IPO Despite $40 Billion Valuation and Interest from Wall Street

Ripple has decided against pursuing an initial public offering (IPO), even after securing $500 million in funding in November, which valued the company at $40 billion and attracted significant interest from Wall Street.

Key Takeaways

Ripple has opted not to pursue an IPO, despite significant funding and interest from Wall Street, maintaining its private status.
The company recently closed a $500 million fundraising at a $40 billion valuation, attracting major investors.
Ripple focuses on expanding its services, particularly in the stablecoin market, where RLUSD has shown significant growth.
Regulatory changes could positively impact the broader cryptocurrency landscape, supporting institutional adoption of digital assets.
Despite the decline in XRP's value since its peak, Ripple continues to show strong institutional metrics and investment growth.

Ripple Says No IPO Despite $40B Valuation and Wall Street Interest

In a Bloomberg interview, President Monica Long reiterated the company’s commitment to remaining private, focusing on strategic investor relationships and a robust balance sheet to support ongoing expansion.

The recent valuation round brought on major investors, including Fortress Investment Group and Citadel Securities, along with prominent cryptocurrency-focused funds such as Pantera Capital, Galaxy Digital, Brevan Howard, and Marshall Wace.

Long noted that investors recognized that “our business is working,” highlighting Ripple’s mission of building digital asset infrastructure for companies and financial institutions during a time when Stablecoin payments gained significant traction last year.

Wall Street Interest Redefines Ripple’s Growth Strategy

Long explained that the usual incentives for an IPO do not apply to Ripple’s current situation.

“At this stage, we plan to stay private,” she mentioned, emphasizing that the combination of financial health and interest from key strategic partners like Citadel and Fortress puts the company “in a very strong position to continue funding and investing in our growth without the need to go public.*"

Earlier in 2025, Ripple completed a $1 billion tender offer at the same $40 billion valuation, indicating a steady demand from institutional investors for equity involvement.

The company has repurchased more than 25% of its outstanding shares in recent years, providing liquidity to current shareholders while strategically onboarding new partners.

“This investment showcases Ripple’s remarkable momentum and validates the market opportunity we’re aggressively pursuing,” said CEO Brad Garlinghouse, referring to the company’s expansion from its original payment focus in 2012 into areas such as “custody, stablecoins, prime brokerage, and corporate treasury, utilizing digital assets like XRP.”

Over the course of two years, Ripple has made six acquisitions, including two worth more than $1 billion each.

The company integrated Rail into Ripple Payments, combining RLUSD and XRP. Ripple Payments now boasts volumes exceeding $95 billion, backed by 75 regulatory licenses worldwide.

Stablecoin Expansion Influences Ripple’s Direction

Ripple’s RLUSD stablecoin achieved a market capitalization of over $1 billion just seven months after its launch, though it still lags behind Circle’s USDC, valued at $75.8 billion, and Tether's USDT, at $183.5 billion.

The recent acquisition of GTreasury further enhances Ripple’s treasury capabilities as institutions increasingly adopt stablecoins for payments and settlements in light of regulatory clarifications from the GENIUS Act.

Garlinghouse forecasts that the stablecoin market could grow from $250 billion to $2 trillion as institutional adoption increases.

For Ripple, BNY Mellon is the custodian of RLUSD and is working towards obtaining a banking license as well as a Federal Reserve Master Account.

In November, Chief Legal Officer Stu Alderoty endorsed Governor Christopher Waller’s suggestion that crypto firms could have access to “skinny” Fed accounts, indicating that it is a promising idea that might reassure traditional banks.

Waller’s proposal for stablecoin issuers to directly utilize central bank payment systems reflects a shift in regulatory perception.

“My goal is to convey that a new era is upon us for the Federal Reserve in terms of payments, and that the DeFi industry is no longer viewed with skepticism,” Waller stated, advocating for a forward-thinking approach to disruption in the industry.

If Waller eventually succeeds Jerome Powell as the Federal Reserve Chairman, the proposal may come to fruition, as key candidates show support for cryptocurrency.

Institutional Products Growth Beyond Payments

Ripple Prime has seen its client collateral double since integration, while facilitating over 60 million daily transactions and tripling its platform size. This prime brokerage service provides collateralized XRP lending to institutions.

Despite Ripple’s broadening growth, XRP reached a price of $3.65 in July 2025, but is currently trading over 30% below its all-time high of $3.84 from January 2018.

Ripple No IPO - XRP Price Chart

Ripple also committed $50 million to the National Crypto Association to promote public education, with data indicating that 39% of cryptocurrency holders utilize digital assets for everyday transactions.

Although Ripple has chosen to remain a private entity, the overall cryptocurrency industry is leaning toward public markets.

Circle made a notable debut on the NYSE in June at $31 per share, which surged to $88 on the opening day and currently trades around $149, resulting in a market cap of $34 billion.

Additionally, Kraken raised $500 million at a $15 billion valuation ahead of its anticipated IPO, while Gemini raised $425 million during its debut in September.

BitGo became the first specialized crypto custodian pursuing a listing on a US exchange, and Figure Technology successfully raised $787.5 million in its IPO at a valuation of $5.3 billion.