Ripple Rules Out IPO After $500M Round, Keeps Private Still.

  • Ripple Labs president Monica Long said the company will remain private after a recent fundraise.
  • The company raised $500 million in November led by Citadel Securities and Fortress Investment Group, valuing it at $40 billion.
  • “Currently, we still plan to remain private,” Long said, adding the company can fund growth without an IPO.
  • The U.S. SEC’s winding down of enforcement actions had sparked IPO speculation earlier.
  • The OCC gave conditional approval in December to national trust bank charters for Ripple, Circle, BitGo, Fidelity Digital Assets, and Paxos; Ripple said its charter would not be a stablecoin issuer for RLUSD.

Monica Long, president of Ripple Labs, said on Tuesday in an interview that the company will remain private. The comment followed a $500 million fundraise in November led by Citadel Securities and Fortress Investment Group that set Ripple’s valuation at $40 billion. She said the company can continue to fund and invest in growth without accessing public markets.

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Long expanded on the decision with direct remarks. “Currently, we still plan to remain private,” she said. She added, “Often the strategy driving an IPO is to get the access to the investors and the liquidity of the public markets […] We’re in a really healthy position to continue to fund and invest in our company’s growth without going public.”

Speculation about a public offering rose after U.S. enforcement actions by the SEC began to wind down. The regulatory development prompted market and media attention on whether Ripple would pursue an IPO.

At the time of writing, the price of XRP was $2.20, down about 6% in the prior 24 hours. The token remains the fourth largest cryptocurrency by market capitalization.

In December, the Office of the Comptroller of the Currency (OCC) conditionally approved applications to convert state-level trust companies into federally chartered national trust banks for several firms. The approvals covered Circle and Ripple, with conditional approvals also granted to BitGo, Fidelity Digital Assets, and Paxos.

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Ripple’s charter application specified it would “not be a stablecoin issuer” for its U.S. dollar-pegged coin, Ripple USD (RLUSD). A video of Long’s interview is available to watch as a video.

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