Ripple Shuns IPO Rush, Raises $500M at $40B Valuation

Ripple is not preparing an initial public offering, President Monica Long said at the Ripple Swell conference, citing no need for public capital and a preference to stay independent.

Long told Bloomberg that Ripple is well-capitalised and can fund growth internally. The stance contrasts with several crypto peers that listed in 2025.

We are not focused on an IPO right now. We have the balance sheet, the liquidity to be growing and making moves on M&A and other big strategic partnerships”

Monica Long, CEO of Ripple.

The company has repeated this view before. At last year’s Swell, CEO Brad Garlinghouse said an IPO was not a priority while the SEC case remained active. That dispute ended earlier this year after both sides dropped their appeals.

Her comments follow Ripple’s disclosure of a US$500 million (AU$775 million) strategic round, according to Reuters, led by funds managed by affiliates of Fortress Investment Group, affiliates of Citadel Securities, Pantera Capital, Galaxy Digital, etc, valuing the company at US$40 billion (AU$62 billion).

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More and More Companies Going Public

The question reflects the growing trend of crypto companies that successfully tapped public markets this year, including Circle, Gemini, and Bullish, prompting other giants like BitGo to go for a US IPO as well.

Needless to say, the IPO frenzy caught Wall Street’s eye, drawing new institutional attention. Yet Ripple is choosing a different path, mostly focused on product scale, particularly around its RLUSD stablecoin. 

That also explains Ripple’s recent acquisition, notably, Hidden Road, which was rebranded to Ripple Prime, and Palisade, which adds multiparty computation, zero-trust architecture, and multichain support to its institutional platform. 

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