A newly surfaced SEC filing from Megacorn Fund LP shows private markets had already repriced Ripple equity significantly higher before the end of 2025.
The fund disclosed 2,704 Ripple shares with an original cost of $229,840 and a Dec. 31 fair value of $373,179, reflecting an unrealized gain of about 62.4%, or roughly $143,339. Megacorn acquired the position on April 16, 2024, and marked Ripple shares at $138.01 each at year-end 2025. The position represented roughly 2.75% of partners’ capital.
Ripple’s appreciation stood out within the fund’s FinTech Software portfolio. Kraken was valued at $276,282 against a $168,683 cost, Databricks at about $1.29 million against $999,900, Mercury at $161,124 against $150,012, and Perplexity at $511,436 against a $500,000 cost.
The mark came shortly after Ripple completed a $500 million strategic investment at a $40 billion valuation in November 2025. The round was led by funds tied to Fortress Investment Group and Citadel Securities, with participation from Pantera Capital, Galaxy Digital, Brevan Howard and Marshall Wace. Ripple said the investment followed a separate $1 billion tender offer at the same $40 billion valuation.
The filing does not establish Ripple’s current market value today, and private-company marks can differ significantly between funds and secondary platforms. The company has since expanded further into tokenized capital markets and a broader $88 trillion tokenization opportunity. The filing also underscores that Ripple equity represents ownership in the company, while XRP is a separate digital asset.
