Valuation at $40 billion! Ripple explicitly rejects IPO plans: supporting strategic expansion with its own funds

Ripple President Monica Long explicitly stated at the New York Swell Conference that, despite the company’s valuation reaching $40 billion and experiencing a wave of crypto industry IPOs, Ripple currently has no timetable or plans for an initial public offering (IPO). The company is currently supported by a strong internal balance sheet and liquidity, having completed approximately $4 billion in strategic acquisitions, including the recent purchase of digital asset custody platform Palisade. Ripple’s “private” stance contrasts sharply with peers like Circle and Kraken, who are accelerating their paths to going public.

Strategic Autonomy: Ripple Firmly Abandons Short-Term IPO Plans

As the crypto financial sector increasingly embraces traditional capital markets, Ripple President Monica Long has reiterated the company’s decision to pause its IPO plans. She told the media, “We have no IPO timetable. No plans, no schedule.” This statement stands in stark contrast to peers like Circle and Kraken, highlighting Ripple’s commitment to strategic independence.

Long explained that Ripple is in a “fortunate” financial position, capable of funding organic growth, inorganic growth (via acquisitions), and key strategic partnerships entirely through its own resources, without relying on public market financing. The company previously raised $500 million in a funding round led by giants like Fortress Investment Group, Citadel Securities, and Pantera Capital, pushing its valuation to $40 billion. This deal reflects institutional confidence in Ripple’s equity rather than a desperate need for external capital, further solidifying its private status.

$4 Billion Acquisition Footprint: Building an Institutional Finance Stack

Ripple’s decision to forgo an IPO does not mean stagnation; on the contrary, its growth strategy focuses on deep infrastructure integration. Over the past two years, Ripple has completed six major acquisitions totaling around $4 billion, significantly expanding its institutional services. Notable acquisitions include Hidden Road (now Ripple Prime) for $1.25 billion and GTreasury for $1 billion.

The recent acquisition of digital asset custody platform Palisade further enhances Ripple’s institutional capabilities. These moves demonstrate Ripple’s systematic effort to build a comprehensive institutional digital asset financial stack—from payments and settlement to custody—aimed at serving mainstream financial institutions’ needs for XRP and broader digital asset tools.

Long-Term Regulatory Challenges and Cooling IPO Expectations

Historically, Ripple was not always opposed to going public. The company sparked IPO rumors in 2023, but subsequent legal challenges with the U.S. Securities and Exchange Commission (SEC) became a major obstacle, leading to the postponement of any IPO plans into 2024.

Current statements suggest that going public is no longer under consideration. Given the uncertain regulatory environment, maintaining a private status allows Ripple to avoid quarterly earnings pressures and stricter regulatory scrutiny, enabling it to focus on innovation in cross-border payments and tokenization.

Industry IPO Wave and Ripple’s Differentiation

While Ripple chooses to stay private, its President Long welcomes the overall maturation of the industry. She expressed support for other crypto firms going public, noting that Circle has already listed and Kraken plans to go public in 2026.

Ripple’s core business revolves around cross-border payments and institutional liquidity solutions. Its valuation metrics are more aligned with network usage and adoption of the XRP ledger rather than transaction fee revenues. Remaining private allows Ripple to deepen integration with banks and financial institutions at its own pace, without succumbing to Wall Street’s quarterly revenue expectations.

Conclusion

Ripple has clearly delineated itself from the industry IPO trend, demonstrating strategic resolve as a “maverick” in crypto. With a $40 billion valuation and ongoing M&A activity, Ripple views acquisitions as a more direct and efficient growth path than going public. This approach offers a different reference point for other unlisted crypto giants: strong internal capital and a clear institutional strategy can effectively resist external market pressures for IPOs, allowing Ripple to continue focusing on its XRP-driven vision of transforming global financial infrastructure.