Uphold, a digital asset platform, is actively considering an initial public offering (IPO) or a strategic sale as it looks to accelerate its growth. The company's board has hired investment bank FT Partners to assess options, including listing on Nasdaq or merging with a financial or payments firm. CEO Simon McLoughlin disclosed in interviews that multiple banks, brokers, financial institutions, and payment companies are courting Uphold. A confidential source indicated that the firm targets a valuation exceeding $1.5 billion.
Uphold’s revenue has surged significantly, jumping from $80 million in 2022 to an expected $300 million in 2025, driven by retail expansion and enterprise partnerships, including collaborations with a German bank and the British broker IG Group, which recently enabled crypto trading and custody via Uphold. New consumer offerings such as a Vault self-custody wallet were also launched.
Uphold has developed a strategic focus on Ripple's XRP ecosystem since their partnership in October 2023. It serves as a key liquidity provider for Ripple’s cross-border payments network, was among the first to list Ripple's stablecoin RLUSD, and recently announced a U.S. debit card offering XRP rewards. It also launched an initiative with Flare Network to help users earn yield on XRP holdings. These efforts emphasize Uphold's position as a favored platform for XRP supporters, especially as other exchanges often sideline XRP over regulatory concerns.
The consideration of going public or pursuing a sale follows a wave of consolidation and acquisitions in the crypto industry. McLoughlin suggests that an IPO could facilitate future acquisitions and mergers as the company continues rapid growth. The move comes shortly after Circle’s successful IPO, which saw its stock surge over 300%, indicating growing investor interest in the crypto and fintech sectors.