Ripple Declines to Go Public Despite $40 Billion Valuation

Ripple has decided not to move forward with an initial public offering (IPO) following the end of its prolonged legal dispute with the U.S. Securities and Exchange Commission.

Company president Monica Long told Bloomberg that Ripple currently has “no plans or timeline” for going public, emphasizing that the firm is well-funded enough to support its growth and strategic goals without needing to raise money through an IPO.

The decision ends years of speculation, as several Ripple executives had previously hinted that a public listing was likely. The company had faced a $1.3 billion lawsuit from the SEC in late 2020, which was officially dropped earlier this year.

Ripple remains a private company and does not disclose its annual financial results. Market intelligence firm CB Insights estimates its 2024 revenue at around $1.3 billion. While Long did not confirm this figure, she said Ripple doubled its customer base in 2024, driven by the growing adoption of its RLUSD stablecoin and clearer global regulations.

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Her remarks came alongside the announcement of a $500 million strategic funding round led by major institutional investors including Citadel Securities, Pantera Capital, Galaxy Digital, Brevan Howard, and Marshall Wace. The raise follows Ripple’s strongest year yet, during which the company launched a $1 billion share buyback, valuing it at roughly $40 billion.

Ripple stated that maintaining liquidity for shareholders and employees remains a key priority, noting that it has repurchased over 25% of its outstanding shares in recent years.

Although CEO Brad Garlinghouse once called an IPO a “natural evolution” for the company, Ripple appears content to stay private for now. Meanwhile, other major crypto players – including Circle, Bullish, and Gemini – have all gone public in 2025.