Ripple raises $275 million in senior notes for US prime brokerage expansion

Ripple's non-bank prime brokerage arm, Ripple Prime, has raised $275 million in an upsized private placement of BBB-rated senior unsecured notes to expand its U.S. clearing, prime brokerage, and financing services. The unit, built on the $1.25 billion acquisition of Hidden Road in 2025, has tripled its revenue year over year. However, despite this corporate milestone and an investment-grade rating from KBRA, the price of Ripple's native XRP token remains stagnant, hovering just below the $1 threshold.

Ripple Prime debt offering

• ▪Ripple Prime closed an upsized private placement of senior unsecured notes, raising $275 million to support working capital and general corporate purposes.
• ▪Piper Sandler acted as the lead placement agent for Ripple Prime's $275 million senior unsecured notes offering.

Prime brokerage expansion strategy

• ▪Ripple Prime plans to use the proceeds from the $275 million note offering to expand its U.S. clearing, prime brokerage, and financing services.
• ▪Ripple secured a $200 million credit facility from funds managed by Neuberger Berman in May 2026 to expand Ripple Prime's lending capacity.

Investment-grade credit rating

• ▪Kroll Bond Rating Agency assigned an investment-grade rating of BBB to Ripple Prime's new senior unsecured notes, matching the agency's existing issuer rating for the unit.
• ▪The investment-grade rating on Ripple Prime's notes signals lower default risk to institutional buyers, who have historically remained cautious about the cryptocurrency sector.

XRP price stagnation

• ▪The market capitalization of XRP stood at $62.7 billion with a 24-hour trading volume of approximately $813 million on August 19, 2026.
• ▪Following the $275 million fundraising announcement, the price of Ripple's XRP token remained stagnant, trading near $0.9998 with a modest 0.1% move over 24 hours.

Hidden Road acquisition

• ▪The acquisition of Hidden Road allowed Ripple to launch its institutional prime brokerage business, which was subsequently rebranded as Ripple Prime.
• ▪Ripple acquired the prime brokerage firm Hidden Road in April 2025 for approximately $1.25 billion, marking one of the largest acquisitions in cryptocurrency history.

Revenue growth since acquisition

• ▪Ripple's corporate expansion efforts include growing institutional crypto services around its XRP token, which is the sixth largest cryptocurrency by market capitalization.
• ▪Ripple Prime's revenue has tripled year over year since Ripple acquired and rebranded the Hidden Road platform in 2025.

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