Ripple has officially ruled out an Initial Public Offering (IPO) in 2025, surprising many in the industry who had expected the company to go public following its legal win against the US Securities and Exchange Commission (SEC).
Despite emerging stronger from the legal battle and achieving financial stability, the company has decided to shift its focus away from a public listing.
Monica Long, President of Ripple, expressed confidence in the company’s current standing during an interview with CNBC, stating,
“Ripple is a financially stable company with billions of dollars in cash reserves.”
She added,
“An IPO is generally a means for fundraising or increasing market exposure, but Ripple currently needs neither.”
With ample capital on hand, Ripple sees no immediate need for external funds to further its operations or visibility, unlike many tech firms that pursue public listings to fuel growth.
Ripple had previously considered going public, especially after gaining partial legal clarity from its SEC dispute.
CEO Brad Garlinghouse has also shared his perspective on the IPO possibility, stating:
“External fundraising is not needed for the time being.”
Previously, Ripple had discussed the possibility of going public in the future, but had also mentioned that it is not their priority.
Instead of an IPO, Ripple has chosen to pursue strategic acquisitions as a key part of its growth strategy.
One of the most notable moves was the $1.25 billion acquisition of Hidden Road, a digital asset prime brokerage processing $3 trillion in annual transactions.
This deal aligns with Ripple’s ambition to expand its footprint in the global financial market, blending traditional finance infrastructure with digital finance tools.
While Ripple’s recent buyback of shares at a reduced valuation – $285 million in January 2024 – signals a slight dip in its market valuation, which dropped to $11.3 billion from a $15 billion peak in 2022, the company remains well-backed by notable investors.
Andreessen Horowitz, Founders Fund, and Google Ventures continue to show strong support, underscoring Ripple’s strong position in the venture capital space even without a public listing.
The share buyback also provides an exit opportunity for early investors, suggesting that Ripple may be recalibrating its investor base to prepare for a long-term strategy not reliant on an IPO.
Ripple’s move away from an IPO could signal wider trends in the crypto and tech markets.
The IPO market has been slow since 2022, with many companies now wary of the risks involved in going public, especially amidst ongoing macroeconomic instability and regulatory uncertainty.
Source: spglobal.com
Ripple’s reluctance to pursue an IPO is indicative of how some crypto firms are rethinking the need for public listings in a shifting market.
Despite holding back from an IPO, Ripple continues to be a significant player in the digital asset space.
Given recent developments, the company appears to be focusing on building long-term infrastructure, prioritising sustainable growth over the short-term visibility an IPO could provide.
By embracing strategic growth avenues and relying on its substantial financial backing, Ripple is demonstrating that success in the crypto space does not require the traditional route of becoming a public company.
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