Ripple Prime raised $275M in an upsized private placement of senior notes
Ripple Prime closed a $275 million upsized private placement of senior unsecured notes rated BBB by KBRA, with Piper Sandler as lead placement agent, as the institutional prime brokerage expands its US operations.
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@Ripple has closed an upsized $275 million private placement of senior unsecured notes issued by Ripple Prime, its non-bank prime brokerage, to support its ongoing and expanding US business. The decision to upsize the offering reflects demand that exceeded the amount originally planned.
Institutional Demand and Deal Structure
The notes attracted a diverse base of institutional investors in key financial markets, with proceeds earmarked for working capital and general corporate purposes as Ripple Prime grows its multi-asset clearing, prime brokerage, and financing services. Piper Sandler served as lead placement agent for the transaction.
The notes received a BBB investment-grade rating from KBRA, which had previously assigned the same rating to Ripple Prime as an issuer. KBRA expects margins to improve in 2026 as the company's balance sheet grows, though revenue currently remains concentrated in spread-based financing and is sensitive to balance-sheet size and interest rates.
Ripple Prime President Noel Kimmel said the transaction gives the business an additional source of capital to invest in its team and technology as it expands its operations.
Background: From Hidden Road to Ripple Prime
Ripple announced its $1.25 billion acquisition of Hidden Road in April 2025, making it the first crypto firm to operate a global, multi-asset prime brokerage with a financing infrastructure that traditional finance has relied on for decades. Hidden Road now operates under the name Ripple Prime.
Since the deal closed in October 2025, Ripple's own statements show the business has tripled in size, with client collateral doubling and average daily transactions climbing past 60 million. In May 2026, the company also secured a $200 million asset-backed debt facility from Neuberger Specialty Finance to increase its lending capacity. The latest notes offering adds another layer to that capital stack as Ripple Prime pushes deeper into institutional markets.
Sources:
Ripple Press Release: Ripple Prime Closes $275 Million Senior Notes Offering
Crypto Times: Ripple Prime Raises $275M as It Expands US Crypto Business
Ripple Press Release: Ripple Acquires Prime Broker Hidden Road for $1.25B
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