Ripple has no plan to IPO: President

Ripple, a cryptocurrency-focused fintech firm, said it has no immediate plans or timeline for an IPO.

President Monica Long made the comments to Bloomberg during Ripple’s Swell conference in New York.

Long said Ripple doubled its customer base quarter over quarter, citing stablecoin payment adoption and regulatory clarity as key factors.

Ripple said it raised US$500 million at a US$40 billion valuation in a round led by funds affiliated with Fortress Investment Group and Citadel Securities, with participation from Pantera Capital, Galaxy Digital, Brevan Howard, and Marshall Wace.

The company did not disclose its 2024 revenue.

Several digital asset companies, including Circle, Bullish, Gemini, and Figure Technology, have gone public in 2025, while Kraken is preparing for an IPO.

🔗 Source: Bloomberg

🧠 Food for thought

Implications, context, and why it matters.

Ripple’s $40B valuation lacks operating metrics for IPO readiness

Ripple announced a $40 billion valuation but withheld 2024 revenue, profitability figures, and ODL volumes. On-Demand Liquidity (ODL) is Ripple’s cross-border payments service that uses XRP (the native token of the XRP Ledger blockchain) as a bridge asset.
ForkLog, a cryptocurrency industry publication, cites Bitget’s chief analyst, who pegs 2024 ODL volume at $15.2 billion 1. Without the take rate or split versus XRP sales that totaled over $3 billion at current prices in 2024 2, investors cannot tell if operations stand on their own.
Ripple holds about $5 billion in liquid XRP and $44 billion in escrows, which are time-locked accounts, at current prices 2. Programmed unlocks over 42 months add dilution risk not captured in disclosures, clouding comparisons with Software-as-a-Service (SaaS) or fintech peers.

Stablecoin vendors can target markets with clear rules

The U.S. has the GENIUS Act, and EU has Markets in Crypto-Assets (MiCA) 3 4. Singapore has a Monetary Authority of Singapore (MAS) framework that takes effect in mid-2026, and Hong Kong has emerging rules 3 4. This lets vendors build tools for treasury and custody, plus AML/KYC or accounting.
GENIUS Act requires one-to-one reserve backing and monthly third-party attested reserve reports in the U.S. 3. That fuels demand for audit plus attestation services that licensed banks and regulated fintech firms need for federal licensing.
Singapore requires segregated reserve accounts and five-day redemption guarantees 3. Custody firms and liquidity platforms can serve MAS-regulated stablecoin issuers in Asia.