Ripple Declines IPO Plans as Strong Funding Supports Private Expansion

Ripple has ruled out plans for an initial public offering, despite renewed market speculation following the end of its legal dispute with the US Securities and Exchange Commission. President Monica Long said the company has “no plans or timeline” for an IPO and does not view a stock market listing as a strategic priority at this stage.

She noted that Ripple holds enough capital to support its expansion without tapping public markets. The company continues to operate as a private firm and does not publish audited revenue figures, although market research firms estimate its 2024 revenue at around $1.3 billion. Long indicated that Ripple doubled its customer base in 2024, supported by demand for its RLUSD stablecoin and clearer regulation in key jurisdictions.

Private Strategy Backed by $500 Million Round and Acquisitions

Ripple’s decision comes alongside a new $500 million strategic funding round that values the company at about $40 billion. Major institutional investors, including affiliates of Citadel Securities, Fortress Investment Group, Pantera Capital, Galaxy Digital, Brevan Howard, and Marshall Wace, joined the round. Long stressed that Ripple did not need the capital but responded to sustained interest from investors seeking equity exposure.

The company also continues to prioritize liquidity for shareholders and employees. It has repurchased more than a quarter of its outstanding shares in recent years and launched a $1 billion buyback program during what executives describe as the firm’s strongest period of performance to date. This approach allows early investors and staff to realize value without an IPO.

Additionally, Ripple is channeling its resources into mergers, acquisitions, and product growth. Over the past two years, it has invested about $4 billion in deals, including the $1.25 billion purchase of prime brokerage firm Hidden Road, now rebranded as Ripple Prime. Other notable transactions include the acquisition of GTreasury for about $1 billion, stablecoin infrastructure provider Rail for $200 million, and digital asset custody platform Palisade.

Crypto IPO Wave Builds Without Ripple Stock

Ripple’s stance contrasts with a growing wave of crypto companies heading to public markets. Stablecoin issuer Circle, digital asset exchange Bullish, and Gemini have all completed public listings in 2025. Blockchain lender Figure Technology has also gone public, while custody provider BitGo, investment firm Grayscale, OKX, CoinShares, and crypto exchange Kraken are preparing or exploring listings.

Also Read: Ripple CEO Calls for Unity in Crypto Regulation Debate