Ripple raised $275 million in an upsized private placement of senior unsecured notes through Ripple Prime, its non-bank prime brokerage unit. Credit rating agency KBRA assigned the notes an investment-grade BBB rating, and the raise follows a $200 million fundraise in May that valued Ripple at $40 billion.
Ripple raised $275 million in an upsized private placement of senior unsecured notes through Ripple Prime, its non-bank prime brokerage arm. The proceeds go toward working capital and general corporate purposes as Ripple Prime expands its U.S. clearing, prime brokerage, and financing services, the company said Tuesday. Piper Sandler acted as lead placement agent on the offering.
Credit analysis agency KBRA assigned the notes an investment-grade rating of BBB, consistent with the issuer rating it previously assigned to Ripple Prime. Ripple Prime's debut note sale attracted institutional investors across key financial markets.
The notes follow Ripple's $200 million raise at a $40 billion valuation from Neuberger Berman in May, which funded the expansion of the Ripple Prime platform. Ripple said Ripple Prime's revenue has tripled year over year since it acquired prime broker Hidden Road and rebranded it in 2025. Ripple had acquired Hidden Road for $1.25 billion, one of the largest deals in the cryptocurrency industry's history.
Founded in 2012, Ripple provides a blockchain-based service for payments, custody, liquidity, and treasury management. Its flagship token XRP is the sixth largest cryptocurrency by market cap, according to CoinDesk data.
Source: CoinDesk
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