A recent U.S. Securities and Exchange Commission filing discloses that Megacorn Fund LP recorded a substantial unrealized gain on its holding in Ripple. The private investment partnership reported ownership of 2,704 Ripple shares acquired on April 16, 2024, at a total cost of $229,840. By December 31, 2025, the fund marked those shares at a fair value of $373,179, producing an unrealized gain of approximately $143,339, or 62.4%.

The year-end valuation implied a price of $138.01 per share. The Ripple position accounted for roughly 2.75% of the fund’s partners’ capital and formed part of Megacorn’s FinTech Software portfolio.

Performance Relative to Other Holdings

Ripple ranked among the stronger performers in the fund’s disclosed private-company positions. Kraken shares were marked at $276,282 against a cost of $168,683, a gain of about 63.8%. Databricks rose from a $999,900 cost basis to approximately $1.29 million. Mercury advanced more modestly from $150,012 to $161,124, while Perplexity moved from $500,000 to $511,436.

Context of the $40 Billion Round

The December 2025 mark followed Ripple’s completion of a $500 million strategic investment round in November 2025 that valued the company at $40 billion. Funds associated with Fortress Investment Group and Citadel Securities led the round. Other participants included Pantera Capital, Galaxy Digital, Brevan Howard and Marshall Wace.

Ripple stated that the investment came after a separate $1 billion tender offer conducted at the same $40 billion valuation. The company, based in San Francisco, develops blockchain-based solutions for cross-border payments used by banks and financial institutions.

The filing captures a private-market valuation at a specific point in time. Marks assigned by different funds or secondary platforms can vary, and the reported figure does not establish Ripple’s current market value.

Distinction Between Company Equity and XRP

The disclosed gains relate solely to equity ownership in Ripple the company. XRP is a separate digital asset used in certain payment applications and is not the same as shares in the firm. Changes in the value of company equity therefore do not automatically translate into movements in the price of the token.

Private-company valuations remain subject to the timing of funding rounds, secondary trading activity and the specific methodologies applied by individual investors. The Megacorn filing provides one data point on how institutional capital had already adjusted its assessment of Ripple equity by the close of 2025.