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For more than a year, Ripple has faced speculation that it could go public, and its valuation has risen sharply in recent months. A November 2025 funding round valued the fintech company that issues XRP and Ripple USD at $40 billion. In March, Bloomberg reported that Ripple was buying back shares from investors and employees at a $50 billion valuation.
Ripple is a private crypto company focused on cross-border payment solutions and institutional digital asset custody technology. It has also expanded through acquisitions, including the completion of the acquisition of Hidden Road in October, which was rebranded as Ripple Prime. It also acquired GTreasury last year, later rebranded as Ripple Treasury.
XRP is a cryptocurrency launched by Ripple in 2012. One of its main uses is as a bridge currency on Ripple Payments, the company’s payments network. Banks can use XRP for international transactions involving multiple currencies by converting cross-border payments to XRP and then allowing the recipient to convert to their own currency. Adoption among Ripple’s banking partners has been limited, and financial institutions do not need to use XRP to use Ripple Payments.
Ripple USD is another cryptocurrency issued by Ripple. However, neither XRP nor Ripple USD provides anything similar to equity in the company.
Ripple’s management has not indicated any plans to go public. After the November funding round, President Monica Long told Bloomberg that the company does not have an IPO timeline, and in January she reiterated that Ripple plans to remain private.
Chief Executive Officer Brad Garlinghouse echoed the same position at XRP Las Vegas 2026. He said Ripple is not in a hurry to go public and pointed to recent IPO outcomes for BitGo Holdings and Gemini Space Station, noting they “haven’t done particularly well.”
While plans can change, the most likely scenario presented in the reporting is that a Ripple IPO is not expected anytime soon. Management appears to prefer operating as a private company, including after Ripple only finished a five-year legal battle with the Securities and Exchange Commission last August.
Ripple’s share buybacks from investors and employees are another sign that a public offering may not be imminent. The company is not described as needing outside funding at the moment, though it could pursue another private funding round if that changes.
The only way to invest in Ripple is through the private secondary market, which requires investors to be accredited under US law; retail investors cannot buy Ripple shares at this time.
Even for accredited investors, the article highlights risks. Private shares typically have far less liquidity, and because Ripple is not required to disclose financial information, it can be difficult to value the company. David Schwartz, a Ripple board member and former chief technology officer, cautioned against investing in Ripple, writing on X that investors “can buy Ripple stock on the secondary market if you qualify under US law. But you probably shouldn’t.”
If the investment interest is primarily tied to XRP, the article notes that buying XRP is a separate decision from buying private shares of Ripple. While XRP is connected through Ripple Payments, it is not the same as equity in the company.
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