Ripple maps new plans: Why company abandoned IPO idea

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Ripple maps new plans

Ripple against a change of status

Ripple President Monica Long has stated outright that the company plans to remain private and sees no need for an IPO as a source of capital or liquidity. According to her, Ripple is in a “very healthy” financial position and is capable of funding its business growth independently.

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This stance is supported by Ripple’s most recent funding round. In November 2025, the company raised $500 million at a $40 billion valuation, making it one of the largest private rounds in the crypto industry. Investors included Fortress Investment Group, Citadel Securities, and other digital asset–focused funds, further underscoring strong confidence in Ripple’s business even without public company status.

Ripple emphasizes that an IPO strategy is typically used to gain access to public investors and liquidity, but this argument is currently irrelevant for the company. Instead, management is focusing on product development and strategic acquisitions, preferring to retain the flexibility of a private business and avoid pressure from public markets.

Where the IPO idea came from

The idea of taking Ripple public had been discussed for years. Back in 2022, the company’s leadership allowed for the possibility of an IPO, but only in the long term and under one key condition — the resolution of its legal dispute with the US Securities and Exchange Commission (SEC). The prolonged regulatory battle created uncertainty that effectively blocked any plans to change the company’s status.

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Even after the SEC case against Ripple was closed, the company did not return to active discussions about an IPO. During that time, Ripple significantly strengthened its financial and operational base, making a public listing less relevant. Instead of preparing for an offering, the company focused on scaling its business and expanding its product lineup.

Today, Ripple has several reasons to operate without an IPO. First, the company has access to substantial private capital and can raise funding on favorable terms. Second, it is actively pursuing an acquisition strategy, building an ecosystem of enterprise digital infrastructure. Third, its core business lines — payment solutions, institutional services, and the RLUSD stablecoin — are showing steady growth. Finally, remaining private allows Ripple to preserve strategic flexibility and avoid dependence on short-term public market expectations.

Disappointment of the year

Ripple’s decision to abandon an IPO also makes sense in a broader market context. In 2025, public offerings by crypto and AI companies generally underperformed. Overall IPO performance in the US lagged behind the S&P 500, while many companies faced sharp corrections after strong trading debuts.

Even the most high-profile crypto debuts delivered mixed results. Circle’s shares fell significantly after a strong first day of trading amid a broader market correction and a decline in Bitcoin. Bullish shares, after an initial surge, effectively returned to IPO levels, disappointing investors who had expected long-term upside.

The example of Gemini is particularly telling. The crypto exchange founded by the Winklevoss twins became one of the worst-performing IPOs of the year: after going public, its shares lost more than 60% of their value, and the debut itself was widely seen as a failure.

Private status instead of the stock market

Ripple’s decision to abandon the IPO idea should not be seen as a rejection of growth, but rather as a deliberate strategic choice. The company approaches public markets not out of necessity, but from a position of strength, favoring private development, strategic control, and long-term investment in products and infrastructure.

Against the backdrop of disappointing crypto IPOs in 2025 and weak post-listing performance even among major players, Ripple is demonstrating an alternative growth model — through private capital, acquisitions, and the development of the XRP ecosystem. In the current environment, this approach allows the company to avoid public market risks and maintain flexibility at a time when investor confidence in new listings remains limited.

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