Brevan Howard taps Ripple Prime for prime brokerage and clearing services

Ripple has expanded its relationship with alternative investment manager Brevan Howard, which oversees $35 billion in assets. Under the agreement announced on October 6, 2026, Brevan Howard funds will utilize Ripple Prime for multi-asset prime brokerage, clearing, and financing. The deal deepens an existing alliance, as Brevan Howard affiliates previously participated in Ripple's $500 million funding round in November 2025. The partnership highlights growing institutional demand for unified infrastructure bridging traditional and digital financial markets.

Details of the partnership agreement

• ▪Ripple announced on October 6, 2026, that Brevan Howard funds will use Ripple Prime for multi-asset prime brokerage, clearing, and financing services.
• ▪The agreement between Ripple and Brevan Howard did not disclose financial terms, specific implementation schedules, covered funds, XRP purchases, or RLUSD stablecoin utilization.

The development of Ripple Prime

• ▪Ripple Prime launched its Delta One business on August 27, 2026, offering total return swaps linked to U.S.-listed equities, indexes, and digital assets.
• ▪Ripple Prime integrated Hyperliquid in February 2026 as its first native decentralized finance protocol connection.
• ▪Ripple Prime was established through Ripple's $1.25 billion acquisition of institutional prime broker Hidden Road, which was announced in April 2025 and completed in October 2025.
• ▪Ripple Prime secured a $200 million debt facility from Neuberger Berman in May 2026 and completed a $275 million private placement of senior unsecured notes on August 18, 2026.

Ripple's late 2025 funding

• ▪Brevan Howard, Fortress Investment Group, and Citadel Securities affiliates, Pantera Capital, Galaxy Digital, and Marshall Wace participated in Ripple's $500 million round announced on November 5, 2025, valuing Ripple at $40 billion.
• ▪Ripple's $500 million strategic investment round in November 2025 followed a separate $1 billion tender offer at the same $40 billion valuation.

Ripple's share repurchase Initiatives

• ▪Ripple's valuation rose to approximately $50 billion following a $750 million share buyback initiative completed in early 2026.
• ▪Ripple had repurchased more than a quarter of its outstanding shares in the years leading up to November 2025 to provide liquidity to employees and early investors.

Brevan Howard's operational expectations

• ▪Brevan Howard Group Chief Operating Officer Alan McGroarty stated that the convergence of traditional and digital markets has increased institutional demand for digital asset infrastructure.
• ▪Brevan Howard Group Chief Operating Officer Alan McGroarty stated that Ripple's platform is expected to provide the firm's investment teams with increased operational ease and capital efficiency.

Debatable claims

• ▪Blending traditional and digital asset brokerage increases systemic financial risk
• ▪Institutional funds should manage traditional and digital assets on a single unified platform
• ▪Crypto-native firms are reliable enough to act as prime brokers for traditional finance