Ripple, the blockchain enterprise related to the XRP cryptocurrency, will not move forward with an initial public offering following the resolution of its prolonged legal conflicts with the SEC.
President Monica Long stated that the company has neither plans nor a timetable for an IPO, according to a report from Bloomberg on Wednesday.
“We’re in a fortunate position where we’ve been able to be very well capitalized and fund all of our organic growth, inorganic growth, strategic partnerships, anything we want to do,” Long mentioned.
This decision marks the end of years of speculation, especially after multiple executives had previously suggested the possibility of going public. The company faced a $1.3 billion lawsuit from the SEC in late 2020.
Ripple Does Not Disclose Revenue
As a private entity, Ripple does not share comprehensive annual profit or revenue figures. According to estimates from CBI Insights, Ripple’s revenue for 2024 is expected to be $1.3 billion. Long opted not to disclose the figure for 2024 but noted that the company has successfully doubled its customer base, thanks to an increase in the adoption of the Ripple USD (RLUSD) stablecoin and better regulatory clarity worldwide.
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Source: Monica Long
Long shared these insights while announcing a $500 million strategic investment backed by leading institutional investors, including Citadel Securities, Pantera Capital, Galaxy Digital, Brevan Howard, and Marshall Wace.
This funding follows Ripple’s most successful year yet and a $1 billion tender offer, which evaluated the company at $40 billion.
“As Ripple continues its record year of growth, providing liquidity for shareholders and employees remains a priority,” the company stated regarding the $500 million funding, mentioning that it has repurchased over 25% of its outstanding shares in recent years.
CEO Brad Garlinghouse revealed that the SEC decided to cease its long-standing action against the firm last March. He had previously hinted at the possibility of an IPO back in 2020, labeling it a “natural evolution” for Ripple.
Despite Ripple’s decision against an immediate IPO, other prominent cryptocurrency firms like Circle, Bullish, and Gemini have already gone public in 2025.
