San Francisco-based enterprise blockchain firm Ripple has announced a $500 million strategic investment from institutional investors, led by affiliates of Fortress Investment Group, Citadel Securities, and Brevan Howard. This funding round values the company at $40 billion, elevating it into the ranks of large-cap private firms.
The investment follows strong growth in Ripple's business segments, including payments, custody, stablecoins, prime brokerage, and treasury management. Despite a recent tender offer to shareholders and employees that attracted little demand, the company has expanded through acquisitions, including two firms valued at over $1 billion each, and is focusing on global expansion across various use-cases.
Ripple's native cryptocurrency, XRP, was trading at $2.28 at the time of the announcement, following a historic surge to an all-time high of $3.65 in July. This price increase was driven by regulatory optimism and plans for U.S. spot exchange-traded funds tracking XRP.
In a statement on X, Ripple CEO Brad Garlinghouse emphasized that the investment validates the company's growth strategy and business built on XRP, calling it a "clear bet on what the future of crypto will look like."
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