Ripple to acquire prime broker Hidden Road in $1.25B deal
The deal is expected to receive regulatory approvals
Ripple has agreed to acquire Hidden Road, a global prime brokerage firm, for $1.25 billion, marking one of the largest acquisitions in the digital asset space to date.
The move positions Ripple as the first crypto company to own and operate a multi-asset prime broker, enhancing its role as a key player in bridging traditional finance and decentralized assets.
According to BusinessWire, the deal is expected to close in the coming months pending regulatory approvals.
Expanding Ripple’s institutional reach
With this acquisition, Ripple gains full ownership of a fast-growing prime broker known for serving top-tier clients across FX, digital assets, swaps, and fixed income. Hidden Road currently clears $3 trillion annually and services more than 300 institutional customers.
Backed by Ripple’s capital and regulatory framework, the firm is poised to become one of the largest non-bank prime brokers globally.
Stablecoin integration and XRPL adoption
The deal elevates Ripple’s USD-backed stablecoin, RLUSD, which will be used as collateral across Hidden Road’s services—marking a first for stablecoins in cross-margining between asset classes. Additionally, Hidden Road will migrate post-trade activity to the XRP Ledger (XRPL), reinforcing Ripple’s DeFi infrastructure.
Industry implications
This transaction is Ripple’s largest to date and comes amid a broader wave of crypto-finance consolidation. It follows Kraken’s $1.5 billion acquisition of NinjaTrader in March. Ripple also hinted at ambitions in the tokenization sector, potentially eyeing future expansion via partnerships like one speculated with Cardano.
The acquisition awaits regulatory approval and is expected to close in the coming months.
We also reported that Teucrium to launch first leveraged XRP ETF on NYSE Arca.
