Brevan Howard will use Ripple Prime for prime brokerage, clearing and financing across multiple asset classes, the two firms said Tuesday. They described the arrangement as an expansion of an existing relationship.
The companies did not disclose financial terms, did not say which Brevan Howard funds are covered, and did not give a start date for the services.
Brevan Howard extends its relationship with Ripple
According to the announcement, Brevan Howard focuses on global macro and digital asset strategies and manages about $35 billion for institutional clients, including sovereign wealth funds, pension plans and endowments.
Alan McGroarty, Brevan Howard’s group chief operating officer, said in the joint release that Ripple has built a differentiated platform that the firm expects will give its investment teams greater operational ease and capital efficiency.
Noel Kimmel, president of Ripple Prime, said in the same release that Brevan Howard’s trust in the unit reflects its strong competitive position and cross-asset capabilities.
From investor to client
Funds managed by Brevan Howard affiliates were also among the backers of Ripple’s $500 million strategic investment in November 2025. That round was led by affiliates of Fortress Investment Group and Citadel Securities and valued Ripple at $40 billion.
Pantera Capital, Galaxy Digital and Marshall Wace also participated in the financing.
In March, Ripple announced a $750 million share buyback at a $50 billion valuation.
How Ripple Prime has expanded
Ripple Prime was previously Hidden Road, a non-bank prime broker that Ripple agreed to acquire for $1.25 billion in April 2025 and took over in October of that year.
At the time of the acquisition, Ripple said Hidden Road cleared $3 trillion a year for more than 300 institutional customers.
Ripple has since added capital and products to the unit.
In February, Ripple Prime added support for decentralized derivatives exchange Hyperliquid.
In May, Ripple lined up up to $200 million in debt financing from funds managed by Neuberger Specialty Finance. The capital was earmarked for lending to Ripple Prime clients.
Ripple also said at the time that the unit’s revenue had tripled year over year since the acquisition.
In August, Ripple Prime sold $275 million in senior unsecured notes rated BBB by KBRA. It also launched a Delta One business offering total return swaps tied to U.S.-listed equities, indices and digital assets.