Ripple raises $275 million in senior notes for prime brokerage push

Ripple raised $275 million in an upsized private placement of senior unsecured notes through Ripple Prime, its non-bank prime brokerage.

Proceeds go toward working capital and general corporate purposes as Ripple Prime expands its U.S. clearing, prime brokerage, and financing services, the company said on Tuesday Piper Sandler acted as lead placement agent.

Credit analysis agency KBRA assigned the notes an investment-grade rating of BBB, consistent with the issuer rating it previously assigned to Ripple Prime.

Ripple raised $200 million at a $40 billion valuation from global investment firm Neuberger Berman in May to expand its Ripple Prime platform. The crypto firm said that since it acquired Hidden Road and rebranded it as Ripple Prime in 2025, this platform’s revenue has tripled year over year. Ripple acquired the prime-brokerage firm for $1.25 billion in April, one of the largest deals in the history of the cryptocurrency industry.

Founded in 2012, Ripple provides a blockchain-based service for payments, custody, liquidity, and treasury management. Its flagship token XRP is the sixth largest cryptocurrency by market cap, according to CoinDesk data.