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Is A Ripple IPO Coming? Garlinghouse Shares New Insights

Ripple CEO Brad Garlinghouse used an on-stage dialog with Dan Morehead at Pantera’s Blockchain Summit 2025 to push again—once more—on the notion that Ripple must listing anytime quickly, whilst the corporate leans into aggressive buybacks, contemporary capital, and M&A. The recording of the dialogue was posted by Pantera on X on November 6.

Is A Ripple IPO Coming?

Pressed by Pantera on shareholder liquidity and tender gives, Garlinghouse disclosed the size and cadence of Ripple’s private-market technique. “We’ve really repurchased over 25 % of the corporate. We’ve spent $4 billion shopping for shares again from our shareholders,” he mentioned, including that “simply yesterday [we] closed one other billion greenback tender provide, valuing Ripple at about 40 billion {dollars}.”

He framed the method as intentionally avoiding the necessity for an inventory: “We haven’t wanted to go public, and so we haven’t prioritized that… the way in which we sort of resolve the shareholder liquidity downside is by simply shopping for again shares at more and more increased costs. I imply, to some extent, SpaceX has been doing that.”

The $40 billion personal valuation Garlinghouse cited strains up with latest disclosures round Ripple’s capital strikes this week. On November 5, Ripple disclosed a brand new $500 million funding at a $40 billion valuation and referenced the sooner $1 billion tender on the similar mark—underscoring that non-public bids are coalescing close to that degree.

Garlinghouse additionally argued that public markets have change into extra receptive to crypto issuers, calling Circle’s 2025 itemizing a watershed second. “Obviously, the window’s open. I’ll say as a really constructive factor, I feel a watershed second for the crypto trade was the Circle IPO. People have been nervous about how that was going as a result of it was in the course of the tariff liberation day occasion, and the general public markets weren’t positive, and to see how oversubscribed it was and see how, and even now, I feel it’s a $35 billion firm. I feel that’s phenomenal for crypto broadly,” Garlinghouse mentioned.

Meanwhile, he acknowledged that not each crypto IPO will get the identical traction. “Obviously, among the different ones have gone public, whether or not it’s Bullish or Gemini, you recognize, haven’t gone fairly as, I imply, they’ve accomplished nicely, however not fairly as nicely.”

The CEO’s message on Ripple’s personal path was unequivocal: “We’re not in a rush [to go public]… at present now we have, you recognize, simply shy of $4 billion on the steadiness sheet. And so we’re not in a rush to go public. And we really feel like we are able to play offense from an M&A perspective and proceed to remain personal… At some level, I might think about we’ll knock on the general public market’s door, however that’s not at present.”

If the CEO’s posture leaves little oxygen for IPO hypothesis, Ripple’s president Monica Long eliminated any ambiguity throughout Swell in New York. Speaking to Bloomberg, Long mentioned: “We do not need an IPO timeline. No plan, no timeline.” In a separate CNBC interview, she framed the rationale in balance-sheet phrases: “We should not targeted on an IPO proper now. We have the steadiness sheet, the liquidity to be rising and making strikes on M&A and different large strategic partnerships.”

At press time, XRP traded at $2.22.

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