MV Capital - Ripple Prime Raises $275 Million in Upsized Senior Notes Offering for U.S. Growth

The non-bank prime brokerage arm of Ripple closed a private placement of senior unsecured notes rated BBB by KBRA, drawing strong institutional demand to fund expansion of clearing, brokerage and financing services

Ripple Prime, the institutional prime brokerage unit of blockchain enterprise solutions provider Ripple, has completed an upsized $275 million private placement of senior unsecured notes. The offering, which closed on August 18, 2026, will support the firm’s ongoing expansion of its U.S. operations amid rising demand for multi-asset clearing, prime brokerage and financing services that bridge traditional finance and digital assets.

Proceeds are designated for working capital and general corporate purposes within a regulated entity. The notes attracted a diverse group of institutional investors across major financial markets. Piper Sandler & Co. served as lead placement agent for the transaction.

The robust support we received for our inaugural notes offering is a testament to the strength of our business today, and confidence in our long-term vision for the growing intersection of traditional and digital asset financial infrastructure. With the completion of this offering, we have an additional source of capital to invest in our team and technology as we execute on our ambitious growth roadmap and bolster our position as one of the largest non-bank prime brokers globally.Noel Kimmel, President of Ripple Prime

Investment-Grade Rating and Deal Terms

Kroll Bond Rating Agency assigned the senior unsecured notes an investment-grade rating of BBB. The rating matches the issuer rating KBRA previously gave Ripple Prime earlier in the year. The agency has cited Ripple’s strong capital position, including its holdings of XRP, along with Ripple Prime’s expanding balance sheet as supporting factors.

According to reports on the transaction, the notes mature in 2031 and carry a coupon of 8.25 percent. The offering was increased from its original planned size due to stronger-than-expected investor interest, though the precise original target was not disclosed.

Background of Ripple Prime

Ripple Prime originated as Hidden Road, a multi-asset prime broker that Ripple acquired in 2025 for approximately $1.25 billion, one of the largest transactions in the cryptocurrency sector at the time. Following the acquisition, the business was rebranded and integrated into Ripple’s broader suite of institutional services.

Since the rebranding, the platform’s revenue has tripled year over year. In May 2026, Ripple secured a $200 million facility from funds managed by Neuberger Berman at a $40 billion company valuation to further expand Ripple Prime’s lending capacity. The unit has also added cryptocurrency trading capabilities, including support for the Hyperliquid decentralized venue, giving institutional clients access to perpetual contracts through its infrastructure.

Broader Expansion Context

The capital raise forms part of Ripple’s continued buildup of institutional infrastructure that spans payments, custody, liquidity, treasury management and now prime brokerage. Recent activity includes a partnership in which a Korean bank deployed Ripple’s payments technology for real-time cross-border settlement, positioning it as an alternative to traditional messaging systems for that relationship.

Ripple Prime continues to scale its U.S. presence even as broader legislative efforts around crypto market structure remain unresolved. The firm has positioned the new funding as enabling further investment in personnel and technology to meet client demand for modern, multi-asset financial services.

Founded in 2012, Ripple offers blockchain-based enterprise solutions across traditional and digital finance. Its services cover global payments, custody, liquidity and treasury management. The successful notes placement marks Ripple Prime’s first foray into the private debt markets as a standalone issuer.