Ripple Slams the Brakes on IPO Hype: Monica Long Doubles Down on Independence

Ripple, the San Francisco-based juggernaut in blockchain payments, has thrown cold water on swirling rumors of an initial public offering (IPO). In a blunt statement to Bloomberg, President Monica Long made it abundantly clear that going public isn’t even a blip on their radar, despite a jaw-dropping $500 million funding round valuing the company at $40 billion and a settled legal clash with the U.S. Securities and Exchange Commission (SEC). While other crypto heavyweights race to Wall Street, Ripple seems content to chart its own course.

• No IPO Plans: Ripple has “no timeline” for a public listing, as confirmed by Monica Long.
• Financial Fortitude: With deep pockets, the company is funding growth without public market cash.
• Divergent Path: Unlike peers chasing IPOs, Ripple focuses on acquisitions and product innovation.

The Official Word: No IPO, No Timeline

Let’s cut through the noise. Ripple isn’t just dismissing IPO speculation; they’re slamming the door shut on it. Speaking with Bloomberg and later at the Swell conference in New York, Monica Long didn’t mince words:

“We do not have an IPO timeline, no plan, no timeline.”

That’s as definitive as it gets. CEO Brad Garlinghouse backed her up, calling the recent funding round a “cherry on top of a mountain of good news.” For a company sitting on a $40 billion valuation after a cash injection led by Fortress Investment Group and Citadel Securities—alongside players like Pantera Capital, Galaxy Digital, Brevan Howard, and Marshall Wace—this stance is a bold middle finger to the Wall Street playbook.

For those new to the financial lingo, an IPO happens when a private company sells shares on a public stock exchange to raise capital. It’s a common move for growth-hungry firms but comes with baggage—think relentless quarterly earnings pressure and regulatory microscopes. Ripple, however, isn’t sweating for extra funds. As Long put it in a recent discussion on Ripple’s future plans,

“We’ve been able to be very well capitalized and fund all of our organic growth, inorganic growth, strategic partnerships, anything we want to do.”

In plain speak, they’ve got the cash to call their own shots, whether that’s scaling up internally (organic growth) or buying out competitors (inorganic growth). And with a customer base that doubled quarter-over-quarter—though hard 2024 revenue numbers remain elusive—they’re not exactly struggling for traction.

Financial Muscle: Funding and a Buying Spree

Ripple’s recent $500 million raise isn’t just pocket change; it’s a war chest. With a valuation of $40 billion, most companies would be sprinting to the Nasdaq to cash in on public market hype. Not Ripple. Instead, they’ve gone on a shopping spree in 2025, snapping up companies to beef up their blockchain payments empire. Let’s break down the haul:

• Hidden Road ($1.25 billion): A prime brokerage for digital assets, this acquisition could supercharge Ripple’s offerings for institutional clients, bridging the gap between traditional finance and crypto markets.
• GTreasury ($1 billion): A treasury management platform, this buy signals Ripple’s push into enterprise financial tools, enhancing their appeal to corporate players needing seamless cash flow solutions.
• Rail ($200 million): A lesser-known fintech, likely targeted for its niche payment rails or tech stack, further solidifying Ripple’s infrastructure for cross-border transactions.

These aren’t random grabs. Each move strategically positions Ripple as a one-stop shop for blockchain-driven financial services, from institutional trading to corporate treasury needs. It’s not just about flexing financial muscle; it’s about owning the game board in a sector where integration is king.

Product Powerhouse: XRP and the RLUSD Stablecoin

Beyond acquisitions, Ripple’s betting big on its in-house innovations. At the core of their mission is XRP, their native cryptocurrency, which Garlinghouse champions as central to creating what he calls an “Internet of Value”—a vision where money and assets move as freely as data online. In an October update on X, he declared,

“As we continue to build solutions towards enabling an Internet of Value, I’m reminding you all that XRP sits at the center of everything Ripple does. Lock in.”

With a market value of roughly $133 billion, XRP holds its ground as the fourth-largest digital asset, a key player in facilitating fast, cheap cross-border payments. Think of it as the digital grease for global money transfers, often outpacing sluggish traditional systems like SWIFT.

Not stopping there, Ripple rolled out RLUSD in December 2024, a stablecoin pegged to the U.S. dollar to minimize the wild price swings typical of cryptocurrencies. For the uninitiated, stablecoins are a breed of crypto designed for reliability, often used for payments or as a safe haven during market turbulence. RLUSD, already boasting a market cap just over $1 billion, is Ripple’s stab at competing with giants like Tether (USDT) and USD Coin (USDC). Its potential lies in powering remittances or settling transactions without the volatility headache, though adoption challenges remain—trust in Ripple’s backing and regulatory acceptance will be key hurdles. Still, it’s a clear signal: Ripple wants a slice of every pie in blockchain finance.

Industry Contrast: Why Ripple Stands Apart

Zoom out, and Ripple’s strategy looks like a deliberate snub to the 2025 crypto trend. While regulatory clarity creeps forward, firms like Circle Internet Group, Bullish, and Gemini have already gone public, hungry for fresh capital and mainstream legitimacy. Kraken, a major exchange, and ConsenSys, the Ethereum wallet MetaMask’s parent backed by JPMorgan and Goldman Sachs, are also prepping IPOs. Then there’s Figure Technology Solutions, a blockchain lender co-founded by ex-SoFi CEO Mike Cagney, which hit Nasdaq under the ticker FIGR on September 11, 2025. Trading at $35, it’s down 28.5% from a high of $49, but still turned a $29.1 million profit on $190.6 million in revenue for the first half of 2025—a stark improvement from a $15.6 million loss the prior year. These players see public markets as a launchpad; Ripple, apparently, sees a trap.

Part of this divergence ties back to Ripple’s gritty history with the SEC. Kicking off in 2020, the lawsuit accused Ripple of selling XRP as an unregistered security, a legal quagmire that dragged on for years. Now settled—though specifics like fines or XRP’s final legal classification remain murky in public discourse—the ordeal likely left a sour taste. Garlinghouse once floated an IPO as a post-settlement possibility, but that idea’s been shelved. Going public often means inviting even stricter oversight, akin to asking a hawk to perch on your shoulder. After dodging one regulatory bullet, Ripple might not be keen to reload the gun.

The SEC Shadow: A Deeper Look

Let’s dig into that legal baggage. The SEC battle wasn’t just a slap on the wrist; it was a full-blown war over whether XRP qualified as a security—a label that would slap Ripple with stringent disclosure rules and investor protections. While the settlement details aren’t fully public, it’s widely understood that Ripple paid a significant penalty, and XRP’s status remains a gray area for some jurisdictions. This history likely fuels their IPO aversion. Public companies face constant SEC filings and shareholder lawsuits if anything smells off. For Ripple, staying private might be less about dodging growth and more about dodging handcuffs. But here’s the flip side: without public scrutiny, are they less accountable to the community they claim to serve? It’s a trade-off worth pondering.

Genius or Risk? Playing Devil’s Advocate

I’m all for disrupting the financial status quo, and Ripple’s refusal to join the IPO herd is a refreshing gut punch to conformist hype. Staying private keeps them agile, free from quarterly earnings tantrums or shareholder whinging. They control their destiny, fund what they want, and avoid the regulatory microscope that’s already burned them once. But let’s not drink the Kool-Aid just yet. There’s a real downside to shunning public markets. Access to billions in capital could fuel mega-projects—think global payment networks or tech breakthroughs—that private rounds might not cover. Brand recognition in traditional finance also takes a hit; Wall Street’s stamp of approval still matters to some. And let’s not forget, private investors like Fortress and Citadel aren’t charities—they’ll demand returns eventually, potentially with less transparency than public shareholders.

Then there’s the Bitcoin maximalist lens, a perspective close to my heart. Ripple’s centralized grip on XRP—unlike Bitcoin’s decentralized, permissionless ethos—raises eyebrows. Sure, XRP fills a niche in speedy payments that Bitcoin doesn’t aim to tackle, and RLUSD could stabilize transaction costs in ways BTC’s volatility can’t. But Ripple’s corporate-heavy approach, with acquisitions and top-down control, feels more like a tech conglomerate than a freedom fighter. Is this the future of financial disruption we’re rooting for, or just old-school business dressed in blockchain clothes? I’m torn, but it’s a debate worth having.

Key Takeaways and Burning Questions

• Is Ripple Planning an IPO in 2025?
  No, they’ve explicitly stated there’s no plan or timeline for going public, focusing instead on internal funding and growth.
• Why Is Ripple Avoiding an IPO Despite a $40 Billion Valuation?
  They’re financially secure, capable of funding operations and expansion without public market money, as Monica Long emphasized.
• How Does Ripple’s Strategy Differ From Other Crypto Firms?
  While companies like Circle, Kraken, and ConsenSys pursue IPOs for capital and legitimacy, Ripple prioritizes independence through acquisitions and products like RLUSD.
• What Role Did the SEC Settlement Play in Ripple’s IPO Decision?
  Though once seen as a gateway to a listing, the settlement likely heightened their wariness of regulatory scrutiny that intensifies with public status.
• What’s Driving Ripple’s Growth Without Public Funds?
  A booming customer base, a $500 million funding round, strategic acquisitions like Hidden Road, and launches like the RLUSD stablecoin are key catalysts.
• Could Staying Private Limit Ripple’s Potential?
  Possibly—missing out on massive public capital and mainstream visibility could slow ambitious projects or cede ground to IPO-fueled competitors.

Ripple’s gamble on solo dominance is either a masterstroke or a slow burn. With XRP as their flagship and RLUSD carving a new front, paired with a ruthless acquisition strategy, they’re not just playing in the blockchain payments sandbox—they’re trying to own it. Whether shunning an IPO proves to be visionary or a costly dodge remains up in the air. One thing’s certain: in a crypto space obsessed with public validation, Ripple’s marching to a different drum. Time will tell if the beat leads to triumph or a stumble.