Ripple Rules Out IPO Plans Despite $40 Billion Valuation and Industry Public Listing Wave

Ripple, the blockchain company behind the XRP token, has no intention of pursuing an initial public offering, according to its president.

The announcement stands in contrast to a surge of cryptocurrency firms racing toward public markets this year.

Ripple Opts Out of IPO Rush

At the Swell conference in New York, Ripple’s president, Monica Long, reiterated the company’s decision not to pursue an initial public offering.

“We do not have an IPO timeline. No plan, no timeline,” Long told Bloomberg.

She explained that Ripple is in a “fortunate” position, allowing it to fund both organic and inorganic growth, as well as strategic partnerships, without turning to public markets.

“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,” Long mentioned to CNBC.

Ripple has invested around $4 billion in strategic acquisitions and mergers. Over the past two years, the company has completed six major deals.

The largest was the $1.25 billion acquisition of Hidden Road, now rebranded as Ripple Prime. Other significant transactions include the $1 billion purchase of GTreasury, a $200 million acquisition of Rail, and the recent takeover of Palisade, a digital asset custody platform.

Meanwhile, Ripple’s decision to remain private comes amid a $500 million funding round led by Fortress Investment Group, Citadel Securities, and Pantera Capital. The investment values Ripple at $40 billion.

Nonetheless, the president emphasized that Ripple did not need to raise additional capital. The deal was driven by strong interest from institutional investors who wanted to acquire a stake in the company.

It is worth noting that Ripple has not always dismissed the idea of going public. The company previously sparked IPO buzz in 2023. However, legal challenges prompted it to put this on hold in 2024.

CEO Brad Garlinghouse even considered the possibility of listing outside the US at the time, but shelved these plans. Now, the company’s latest position suggests that public listing options are completely off the table.

From Circle to Kraken: Crypto IPO Wave Gains Steam

While an IPO is not currently on Ripple’s agenda, President Long expressed support for other firms taking this route.

“We are really pleased to see crypto companies going public, that is great for our overall industry continuing to mature,” Long said.

Growing institutional interest and a more favorable regulatory environment have driven a surge in IPO plans among crypto companies this year. For instance, stablecoin issuer Circle completed its IPO earlier this year, followed by Bullish, Gemini, and blockchain lender Figure Technology.

Custody provider BitGo has filed with the SEC, while Grayscale Investments has also submitted a draft registration for its shares. OKX and CoinShares are also exploring similar plans. Crypto exchange Kraken is targeting a 2026 public launch after recently raising $500 million.