While several blockchain firms rush to go public, the company behind XRP has chosen to stay private, despite being valued at roughly $40 billion. Its leadership made clear during the recent Swell conference in New York that an initial public offering isn’t on the agenda.
That decision stands out at a time when exchanges, lenders, and payment platforms are racing toward public listings to gain investor trust and new capital. Ripple, by contrast, is building its balance sheet and expanding through acquisitions instead of stock offerings.
Growing Without Going Public
Over the past two years, Ripple has spent about $4 billion on takeovers designed to broaden its reach with banks and large payment providers. It bought the trading infrastructure firm Hidden Road, now renamed Ripple Prime, along with treasury platform GTreasury and custody specialist Palisade. Each deal tightened its grip on the institutional side of digital payments.
This approach suggests Ripple sees strength in remaining independent. A public listing could bring visibility but would also invite shareholder pressure and quarterly earnings scrutiny. By staying private, it keeps control of strategy and pace while using its existing liquidity to finance growth.
While Ripple builds for banks, the consumer market across the UK and Europe keeps testing crypto in live settings, payments, gaming, and casinos, among them. Here, credibility isn’t a press release; it’s how quickly funds clear and how clearly risks are explained.
As crypto casino expert Sofia Rebuck notes, a growing share of players are using cryptocurrency on reputable online casino platforms because the experience now feels practical, not experimental. Many of the top sites offer players thousands of games to choose from, near-instant payouts across diverse crypto coins, including Ripple, and enticing bonuses, including welcome rewards, free spins, and cashback offers, while pairing that with clearer terms and stronger identity checks. In other words, the same pillars Ripple targets on the institutional side, speed, transparency, and reliability, are becoming the baseline expectations for everyday crypto users, too.
Institutional Money, Private Control
Ripple recently secured roughly $500 million from a group of heavyweight investors, including Fortress Investment Group, Citadel Securities, and Pantera Capital. The round lifted its valuation to around $40 billion, but it wasn’t about raising survival cash. Executives framed it instead as meeting investor demand to own a slice of a profitable, well-capitalised firm.
That difference matters. In a market where many crypto startups depend on external funding to stay afloat, Ripple can grow on its own terms. It’s turning acquisitions into an ecosystem that links payments, liquidity, and custody under one roof. The move shows that the next wave of crypto growth may rely less on token speculation and more on enterprise-level infrastructure.
A Wave of Crypto Listings
Other major crypto firms are taking a different route. Circle, the issuer of USDC, has filed confidentially for an IPO, although it has not yet been listed publicly. Custody provider BitGo formally submitted its IPO filing in 2024, while asset manager Grayscale has registered investment products rather than company shares, as it continues to expand its ETF footprint. Exchange operator Kraken has also indicated IPO ambitions following its 2024 funding round, though an exact listing timeline has not been confirmed.
These companies see the stock market as a route to credibility and scale. Going public opens doors to institutional investors and may reassure regulators that oversight is improving. Yet it also brings new risks: disclosure obligations, market volatility, and constant scrutiny. Ripple’s reluctance reflects an awareness that public markets reward hype one quarter and punish it the next.
Legal and Regulatory Backdrop
Ripple’s caution stems from the long legal fight with the U.S. Securities and Exchange Commission over XRP, which showed how unpredictable U.S. regulation can be and would likely invite more oversight if Ripple listed domestically. Staying private lets the company focus on technology and partnerships instead of compliance theatre. Banks in Asia, the Middle East, and Latin America already use Ripple’s blockchain settlement tools, a practical advance that may matter more than a stock market debut.
Implications for London and Europe
For the UK and European markets, Ripple’s stance raises questions about where future crypto listings will land. London has positioned itself as a fintech hub, offering regulatory clarity and access to institutional investors. If U.S. oversight remains heavy-handed, Europe could become the preferred stage for digital-asset IPOs.
Ripple’s ongoing expansion also touches areas where London excels, corporate payments, liquidity management, and custody technology. Its acquisitions show how blockchain firms are blending with mainstream finance rather than replacing it. Even without a listing, Ripple’s growth will influence hiring, partnerships, and competition within the wider fintech scene.
Choosing Stability Over Spotlight
In declining to pursue an IPO, Ripple is betting that patience and steady growth will outlast the excitement of public trading. It has the capital, investor backing, and product demand to continue scaling privately. While others chase stock-market credibility, Ripple appears content to build quietly, leveraging its resources to strengthen real-world financial infrastructure.
That restraint may pay off. In a sector defined by volatility and short attention spans, self-financed firms that prioritise utility over speculation are likelier to endure. Ripple’s choice to skip the IPO rush suggests maturity is shown by lasting relevance in global finance, not a ticker symbol.