Ripple Raises $275 Million to Expand Prime Brokerage Business

Ripple raised $275 million through an upsized private placement of senior unsecured notes issued by Ripple Prime, its non-bank prime brokerage unit. The company said proceeds will support working capital and general corporate needs as it expands US clearing, prime brokerage, and financing services. Piper Sandler served as lead placement agent on the deal.

Notes Receive Investment-Grade Rating

Credit rating agency KBRA assigned the notes a BBB investment-grade rating, matching the issuer rating it had previously given Ripple Prime.

Part of Broader Expansion Push

This latest raise follows a $200 million investment from Neuberger Berman in May, made at a $40 billion valuation, aimed at growing the Ripple Prime platform. Ripple said revenue from the platform has tripled year over year since it acquired Hidden Road and rebranded it as Ripple Prime in 2025. The original acquisition, completed in April for $1.25 billion, ranks as one of the largest deals in crypto industry history.

Founded in 2012, Ripple offers blockchain-based services covering payments, custody, liquidity, and treasury management. Its native token, XRP, currently ranks as the sixth-largest cryptocurrency by market capitalization.