Ripple Says No Immediate Plans for IPO Despite Crypto Listing Boom
Ripple has revealed that it has no plans to go public in the near future, stating that the company has no “IPO timeline” despite the growing number of crypto firms entering the public markets.
In a recent interview with Bloomberg, Ripple President Monica Long clarified that the financial technology firm has no immediate intention to join other crypto companies in listing publicly. This announcement comes shortly after Ripple raised $500 million at a notable $40 billion valuation.
At the Swell conference in New York on Wednesday, Long reiterated the company’s position, saying, “No plan, no timeline.” She explained that Ripple is holding off on an Initial Public Offering because it is in a “fortunate position.” According to Long, Ripple has sufficient capital and funding to support both organic and inorganic growth, as well as to continue building strategic partnerships.
Although Long did not disclose Ripple’s latest revenue figures, she shared that the company’s customer base has doubled quarter-over-quarter. She attributed this remarkable growth to increased stablecoin payments following the passage of the U.S. government’s stablecoin bill, the GENIUS Act, which she believes has “opened up the market” both in the United States and internationally.
Is Ripple Missing Out on the Crypto IPO Boom?
Ripple’s ecosystem has been making significant moves recently, boosting trader confidence as the company continues to expand. Most notably, Ripple secured around $500 million in a new funding round led by Fortress Investment Group and Citadel Securities, with participation from Pantera Capital, Galaxy Digital, Brevan Howard, and Marshall Wace. This new investment brings Ripple’s valuation to $40 billion.
Ripple is also expanding its reach into the stablecoin market. The company recently launched a pilot program to test its RLUSD stablecoin for settling credit card transactions, partnering with Mastercard, WebBank, and Gemini. This initiative aims to integrate RLUSD into credit card settlements and has already helped the USD-backed stablecoin reach a market cap milestone of $1 billion this week.
In the past year, several major crypto firms have found significant success through IPOs. On September 11, blockchain-based consumer lending firm Figure Technologies had a strong debut on Nasdaq, selling 31.5 million shares worth $787.5 million and achieving a valuation of $7.62 billion. A day later, the Winklevoss twins’ cryptocurrency exchange Gemini launched its own IPO, capping proceeds at $425 million, excluding a $50 million private placement from Nasdaq.
Stablecoin issuer Circle also enjoyed a successful IPO, raising roughly $1.1 billion by selling 34 million shares and increasing its valuation from $6.8 billion to $8 billion. Circle’s IPO stands as one of the largest crypto-related listings since Coinbase’s public debut in 2021.
While Ripple currently has no plans to list publicly, its robust funding position and strategic growth suggest the company is continuing to strengthen its position within the evolving crypto and stablecoin markets.
https://crypto.news/ripple-president-says-it-has-no-plan-for-an-ipo-report/