Ripple Prime secures $200 million debt line for margin lending expansion

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Ripple Prime $200M lending expansion

Highlights

Ripple Prime secured a $200 million asset-based debt facility from Neuberger Berman to expand institutional margin lending across equities, fixed income, and crypto.
The U.S. launch of Ripple's prime brokerage followed its $1.25 billion acquisition of Hidden Road, integrating multi-asset licenses and technology for unified financing and execution.
Ripple raised $500 million in a Fortress- and Citadel-led funding round at a $40 billion valuation and added Hyperliquid for onchain derivatives access in February.

Multi-asset credit facility supports platform expansion

As first reported by Bloomberg, Ripple Prime has secured a $200 million asset-based debt facility from Neuberger Berman that can be drawn in full or in part depending on client borrowing demand. The prime brokerage arm of Ripple says it will use the financing to expand institutional margin lending across equities, fixed income and crypto, with margin loans serving as collateral within its lending framework.

Noel Kimmel, president of Ripple Prime, told Bloomberg the arrangement creates "one structure, one credit line, across the major asset classes." He said the firm's infrastructure needs to match the way institutional clients manage risk, because their portfolios are not split into isolated silos.

U.S. rollout builds on Hidden Road deal

Ripple launched its digital asset prime brokerage for the U.S. market in November, months before securing the Neuberger Berman facility. That expansion followed Ripple's $1.25 billion acquisition of Hidden Road, a deal that combined Hidden Road's multi-asset licenses and infrastructure with Ripple's technology to offer unified clearing, financing and execution across digital assets, foreign exchange, derivatives and fixed income.

Days after that rollout, Ripple disclosed a $500 million funding round at a $40 billion valuation led by Fortress Investment Group and Citadel Securities, with participation from Galaxy Digital, Pantera Capital, Brevan Howard and Marshall Wace. In February, Ripple also added Hyperliquid to Ripple Prime, giving clients direct access to onchain derivatives markets while managing those positions alongside exposures on centralized crypto venues and in traditional markets under a single margin framework.

Our earlier coverage of ICE’s IRM 2 expansion to U.S. ERCOT power futures and options explained how VaR-based portfolio margining is being broadened to make hedging and trading more capital-efficient in Texas electricity markets. We noted that the model is designed to capture correlations and diversification effects across positions while aiming to reduce abrupt margin swings, alongside evidence of rising open interest and volumes in ERCOT and broader U.S. power derivatives.

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