Ripple is dialing down expectations of a near-term Wall Street debut as it leans on a fresh war chest and a burst of deal-making to drive its next phase of growth.

The company signals that it prefers to build out a broader enterprise crypto platform behind closed doors rather than submit to the scrutiny and short-term pressure of public markets.

Ripple Pushes Back on IPO Route

Ripple's President Monica Long said the company has no current plans to pursue an initial public offering and intends to remain private. She framed the decision as a strategic choice, arguing that Ripple Ripple Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may Read this Term does not need the liquidity or investor access that a listing would provide because its finances already support expansion.

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The comments follow a $500 million fundraising that Ripple closed in November 2025 at a reported $40 billion valuation. Fortress Investment Group, Citadel Securities' affiliates and several crypto-focused funds took part in the round, showing that large institutions still see room for upside in Ripple’s private-market story.

Long described the structure of the deal as “very positive, very favorable for Ripple” when asked about investor protections. The package reportedly included rights for investors to sell shares back to the company at a guaranteed price and return, along with preferential treatment in scenarios such as bankruptcy or a sale.

Investor Protections Draw Scrutiny

Long did not say whether those protections were crucial to securing heavyweight backers at the $40 billion price. That omission leaves open how much risk investors were willing to take without contractual downside cover and how that balance shaped the final valuation.

Such terms, which can include put rights and liquidation preferences, typically insulate investors from extreme outcomes and can influence future capital-raising options. In Ripple’s case, the company portrays the round as aligning its interests with those of new shareholders while keeping room to execute its private playbook.

2025 Deals Reshape the Business

Ripple used 2025 to overhaul its footprint with a string of acquisitions totaling nearly $4 billion. The company bought global multi-asset prime broker Hidden Road, stablecoin Stablecoin Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Read this Term payments platform Rail, treasury management system provider GTreasury and digital asset wallet and custody firm Palisade.

Related: How Ripple Pulled Off the Year’s Biggest Crypto Raise While XRP Tumbled 40%

These purchases aim to turn Ripple into a broad supplier of enterprise digital asset infrastructure rather than a single-product company. As of last November, Ripple Payments had processed more than $95 billion in cumulative volume, underlining the scale of its cross-border and enterprise flows.

Ripple Prime, which builds on the Hidden Road acquisition, has started to offer collateralized lending and institutional XRP products as it targets more sophisticated trading clients.