Ripple, the US blockchain company behind the XRP cryptocurrency, will not pursue an initial public offering following the conclusion of its years-long legal battle with the Securities and Exchange Commission.
Ripple president Monica Long said the company has no plans or timeline for an IPO, according to a Bloomberg report 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 said.
Ripple’s decision to forgo an IPO ends years of speculation, after multiple executives had hinted at one. The company was hit with a $1.3 billion SEC lawsuit in late 2020.
Ripple doesn’t report revenue
As a private company, Ripple doesn’t publish full annual profit or revenue. According to estimations by the market intelligence platform CBI Insights, Ripple’s 2024 revenue was $1.3 billion.
Long declined to share 2024 revenue in the report but said the company doubled its customers, driven by Ripple USD (RLUSD) stablecoin adoption and greater regulatory clarity globally.
Long’s remarks came as Ripple announced a $500 million strategic investment from high-profile institutional investors, including Citadel Securities, Pantera Capital, Galaxy Digital, Brevan Howard and Marshall Wace.
Related: Ripple’s RLUSD enters top 10 USD stablecoins less than year after debut
The raise follows Ripple’s “strongest year to date” and a $1 billion tender offer, valuing the company at $40 billion.
“As Ripple continues its record year of growth, providing liquidity for shareholders and employees remains a priority,” Ripple said in the $500 million raise announcement, adding that it has repurchased more than 25% of its outstanding shares in recent years.
Ripple CEO Brad Garlinghouse announced that the SEC was dropping its multi-year action against the company in March. He previously hinted at a potential IPO in 2020, calling it a “natural evolution” for Ripple.
Cointelegraph approached Ripple for comment regarding its IPO position, but had not received a response by the time of publication.
Though Ripple isn’t eyeing an IPO soon, other major crypto firms, including USDC (USDC) issuer Circle, Bullish and Gemini have gone public in 2025.
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