Ripple Prime, Ripple’s institutional brokerage arm, raised $275 million through a bond offering. The company will use the proceeds to expand its US operations and strengthen its institutional financial infrastructure.
According to the company’s August 18 announcement, Ripple Prime sold senior unsecured notes to institutional investors through a private placement. The company upsized the transaction to $275 million from its original target.
Ripple said the offering attracted investors from several major financial markets. However, the company did not disclose the initial target, maturity date or coupon rate.
Ripple Prime will use the funds in the US
Ripple Prime will use the proceeds for working capital and general corporate purposes. The company plans to expand its multi-asset clearing, prime brokerage and financing services in the US.
The new capital will also support investments in personnel and technology. Ripple Prime serves institutional investors active in digital assets, foreign exchange, fixed-income securities and derivatives markets.
Ripple Prime President Noel Kimmel said the transaction marked the company’s first notes offering. According to Kimmel, the new capital will support the platform’s growth plans and its goal of becoming one of the world’s largest non-bank prime brokers.
The notes received a BBB credit rating
Credit rating agency KBRA assigned a BBB rating to Ripple Prime’s notes. This rating places the debt instrument within the investment-grade category.
Senior unsecured notes are not backed by specific assets. However, they rank ahead of subordinated debt and company equity if the issuer encounters repayment problems.
KBRA’s assessment highlighted Ripple Prime’s expanding balance sheet and its move into profitability in 2025. The agency also viewed financial support from parent company Ripple as an important factor.
KBRA said Ripple held nearly $5 billion in cash and more than 40 billion XRP as of the third quarter of 2025. However, the agency identified Ripple’s dependence on digital asset-related revenue as one of the main credit risks.
Piper Sandler acted as the lead placement agent for the offering.
Borrowing capacity reaches $475 million
In May, Ripple Prime secured a debt facility of up to $200 million from funds managed by Neuberger Specialty Finance. The company uses the facility to expand client financing and margin capacity.
The latest offering brings Ripple Prime’s total borrowing capacity secured within roughly three months to $475 million. The earlier agreement is a credit facility, so it should not be assumed that Ripple Prime has drawn the entire amount.
Ripple acquired the platform, previously known as Hidden Road, for $1.25 billion in 2025. It later rebranded the business as Ripple Prime, creating an institutional brokerage arm covering traditional and digital markets.
According to Ripple’s May announcement, Ripple Prime’s revenue tripled year over year following the acquisition. The new debt financing gives the company additional resources for its capital-intensive brokerage and client financing operations.
XRP price rises
The notes offering does not involve an XRP purchase, token burn or transaction on the XRP Ledger. The financing therefore has no disclosed mechanism that would directly affect the XRP price.
Still, XRP traded near $1.04 at the time of writing. The cryptocurrency gained 4% following the announcement.
Ripple Prime’s growth could expand Ripple’s institutional financial ecosystem over the long term.
