Summary
Ripple Prime closed an upsized $275M private placement of senior unsecured notes on Aug 18 — its first debt offering, rated BBB (investment grade) by KBRA, with an 8.25% coupon maturing 2031. The raise funds working capital and expansion of its US clearing, prime brokerage and financing services. It follows a $200M equity raise at $40B valuation (Neuberger Berman, May) and makes Ripple Prime the first crypto-affiliated prime broker with an investment-grade rating — enabling pension funds and insurers to deal with it without exceptions.
Key Points
- $275M upsized private placement of senior unsecured notes (Aug 18)
- KBRA investment-grade BBB (notes + issuer); 8.25% coupon, matures 2031
- Piper Sandler lead placement agent
- Funds: working capital + expansion of US clearing, prime brokerage, financing
- Hidden Road acquired for $1.25B (April 2025, closed Oct); cleared ~$3T/yr for 300+ clients; rebranded Ripple Prime
- Revenue tripled YoY since acquisition; profitable 2025; collateral doubled; 60M+ average daily transactions
- Ripple: ~$500M into the subsidiary; another ~$500M expected through 2026
- KBRA notes still scaling, early growth stage
- Plans Delta1 (total return swaps, synthetic equity financing for leveraged ETFs) and equity prime brokerage
- Licenses: SEC broker-dealer, CFTC FCM, FINRA, SIPC, CME clearing, FICC
- $475M debt financing in ~3 months (with the May $200M Neuberger facility)
- Competitors: Coinbase Prime (>$400B custody), FalconX (first CFTC crypto swap dealer)
- Only crypto-affiliated prime broker with investment-grade rating; edge: insurers/pensions can trade without exceptions
Sources
- https://ripple.com/ripple-press/ripple-prime-closes-275-million-senior-notes-offering/
- https://www.financemagnates.com/institutional-forex/ripple-prime-raises-275-million-just-months-after-its-last-capital-injection/
- https://247wallst.com/investing/cryptocurrency/2026/08/19/ripple-borrows-275-million-at-8-25-to-take-on-goldman-sachs-can-it-win/